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Haider Jamal

Nov 10, 2022

US Department Of Just Seizure Of 50,676 Bitcoin

Following a US Department of Justice raid, a large amount of stolen crypto was discovered in a popcorn tin. According to the DOJ, this was the second biggest financial seizure in recorded history. Moreover, after the seizure, the United States government now holds over 214,000 BTC, making up more than 1% of the total capped BTC supply.

Over 50,676 BTC, valued at approximately $3.36 billion at the time of discovery, were discovered hidden on various devices discovered within the home of a hacker who had stolen them from Silk Road, a dark web marketplace.

James Zhong, 32, pled guilty last week to wire fraud in September 2012, after taking advantage of a flaw in the websites payment structure. Mr Zhong pleaded guilty to hacking the website on November 4th and has surrendered his Bitcoin and other assets to police while awaiting sentencing. The punishment for his crime is up to 20 years in prison.

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