Cops find $3 billion in stolen Bitcoin stashed in a popcorn tin

A man faces up to 20 years in prison after more than $3 billion in stolen was found stashed in a popcorn tin at his home in what authorities call the second largest seizure of cryptocurrency.

James Zhong, 32, pleaded guilty on Friday to stealing the Bitcoin a decade ago from the illegal Silk Road marketplace, which the shut down in 2013.

The U.S. Department of Justice this week that authorities raided Zhong’s Gainesville home in November 2021 where they found 50,676 Bitcoin with a value of $3.36 billion at the time. 

The raid resulted in the second-largest seizure of cryptocurrency, following the $3.6 billion in stolen crypto linked to the 2016 hack of crypto exchange Bitfinex, eVDEn EVe nakliyAt but has since dropped in value. 

Bitcoin hit a two-year low of $15,632. Ether, the next largest cryptocurrency, extended losses on Wednesday to hit its lowest since July. 

Zhong pleaded guilty to one count of wire fraud, which carries a maximum sentence of 20 years in prison. He is scheduled to be sentenced on February 22, 2023. 

James Zhong, 32, of Gainesville, Georgia, pleaded guilty to wire fraud for the theft of $3.36 billion in Bitcoin stolen from the Silk Road dark web internet marketplace back in 2012

Authorities found the stolen Bitcoin  and cash hidden in a ‘single board computer’ that was stashed inside a popcorn tin and stored in a bathroom closet at Zhong’s home

Lt. Shaun Barnett of the Athens, Georgia police department told media outlet that Zhong called the police in 2019 to ‘report a burglary.’ 

Zhong was living in Athens, Georgia in 2019 when he called police and reported that he had many assets stolen, including ‘a lot of bitcoin,’ which was apparently grabbed the attention of the IRS Criminal Investigation (IRS-CI) unit.

The cash was never recovered, nor EVdEn EvE NakLiYAT was a suspect identified, but the burglary and amount of money reported stolen ‘raised a red flag with the IRS,’ Barnett said. 

Following an investigation, a search warrant was served and the IRS-CI and Athens police department made an arrest in November of 2021. 

Federal officials say the stolen Bitcoin was found when they served the search warrant at Zhong’s Georgia home, solving a decade-long mystery. 

The digital tokens were hidden in a ‘single board computer’ that was stashed inside a popcorn tin and stored in a bathroom close of Zhong’s home. For those who have any queries regarding exactly where along with how to work with EvdEN evE nakLiYAT, you can call us from the internet site.  

Authorities also seized $662,000 in cash, physical Bitcoin coins, evDeN eve NaKliYAt an 80 percent interest in a Memphis-based real estate investment company with substantial holdings, along with 11 1-ounce bars of silver and gold.

‘James Zhong committed wire fraud over a decade ago when he stole approximately 50,000 Bitcoin from Silk Road,’ U.S. attorney Damian Williams said in a statement this week. 

‘For almost 10 years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.3 billion mystery. Thanks to state-of-the-art cryptocurrency tracing and good old-fashioned police work, law enforcement located and recovered this impressive cache of crime proceeds.’

Prosecutors said Zhong executed a scheme to defraud ‘Silk Road’ dark web marketplace. They said he made nine accounts September 2012 and would then flood the site with withdrawal requests, which tricked the site into giving him multiples of what he had deposited.

After doing this 140 times, he had withdrawn all of the site’s cryptocurrency holdings. He then transferred the Bitcoin into separate accounts to keep it from being detected.

Authorities seized $662,000 in cash, physical Bitcoin, 80 percent interest in a Memphis-based real estate investment company with substantial holdings, and silver and gold-colored bars

Bitcoin, the largest cryptocurrency by market capitalization, hit a two-year low of $15,632. Ether, the next largest cryptocurrency, extended losses Wednesday to hit its lowest since July

Silk Road is an online black market used to distribute illegal drugs and goods to buyers, according to the U.S. Attorney. 

‘Mr. Zhong executed a sophisticated scheme designed to steal bitcoin from the notorious Silk Road Marketplace,’ Special Agent in Charge Tyler Hatcher said.

‘Once he was successful in his heist, he attempted to hide his spoils through a series of complex transactions which he hoped would be enhanced as he hid behind the mystery of the darknet.’

Beginning in March 2022, Zhong began voluntarily surrendering to the government additional Bitcoin that he had access to and had not dissipated. In total, he voluntarily surrendered 1,004 additional Bitcoin.

Get 20% Discount on This Paper
Pages (550 words)
Approximate price: -

Try it now!

Get 20% Discount on This Paper

We'll send you the first draft for approval by at
Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Paper Helper has assembled a team of highly skilled writers with diverse experience in the online writing circles. Our aim is to become a one stop shop for all your Academic/ online writing. Check out below our amazing service!


Essay Writing Services

At Paper Helper, we prioritize on all aspects that creates a good grade such as impeccable grammar, proper structure, zero-plagiarism, and conformance to guidelines. The principal purpose of essay writing is to present the author's evaluation concerning a singular subject about which they have made. Since Professionalism is the mother of every success, try our team of experienced writers in helping you complete your essays and other assignments.


Admission Papers

You have been trying to join that prestigious institution you long yearned for, but the hurdle of an admission essay has become a stumbling block. We have your back, with our proven team that has gained invaluable experience over time, your chance of joining that institution is now! Just let us work on that essay.How do you write an admission essay? How do you begin the essay? For answers, try Quality Custom Writers Now!


Editing and Proofreading

Regardless of whether you're pleased with your composing abilities, it's never an impractical notion to have a second eye go through your work. The best editing services leaves no mistake untouched. We recognize the stuff needed to polish up a writing; as a component of our editing and proofreading, we'll change and refine your write up to guarantee it's amazing, and blunder free. Our group of expert editors will examine your work, giving an impeccable touch of English while ensuring your punctuation and sentence structures are top-notch.


Technical papers

We pride ourselves in having a team of clinical writers. The stringent and rigorous vetting process ensures that only the best persons for job. We hire qualified PhD and MA writers only. We equally offer our team of writers bonuses and incentives to motivate their working spirit in terms of delivering original, unique, and informative content. They are our resources drawn from diverse fields. Therefore your technical paper is in the right hands. Every paper is assessed and only the writers with the technical know-how in that field get to work on it.


College Essay Writing

If all along you have been looking for a trustworthy college essay service provider that provides superb academic papers at reasonable prices, then be glad that you search has ended with us. We are your best choice! Get high-quality college essay writing from our magnificent team of knowledgeable and dedicated writers right now!


Quality Assignment/Homework Help

We give the students premium quality assignments, without alarming them with plagiarism and referencing issues. We ensure that the assignments stick to the rules given by the tutors. We are specific about the deadlines you give us. We assure you that you will get your papers well in advance, knowing that you will review and return it if there are any changes, which should be incorporated.

togel macau togel terbesar bocoran admin jarwo data macau