Fed announce $3.36 billion seizure of bitcoin, the second-largest recovery of crypto
James Zhong pleaded guilty to stealing about 50,000 bitcoin, worth about $3.36 billion from the illegal Silk Road marketplace.
Zhong pleaded guilty on Friday to one count of wire fraud, which carries a maximum sentence of 20 years in prison. "For almost ten years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.3 billion mystery," said U.S. Attorney Damian Williams. Public records show Zhong was the president and CEO of a self-created company, JZ Capital LLC, which he registered in Georgia in 2014. According to hisHis profile also states he was a "large early bitcoin investor with extensive knowledge of its inner workings," and that he had software development experience in computer programming languages.include pictures of him on yachts, in front of airplanes, and at high-profile football games.
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