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U.S. Government Seizes $3.4 Billion Worth of Bitcoin from Silk Road Scammer

7 Nov, 20221 min readBitcoin
U.S. Government Seizes $3.4 Billion Worth of Bitcoin from Silk Road Scammer

The U.S. Department of Justice has seized 50,676 Bitcoin ($3.36 billion) from an individual known as James Zhong.

Zhong, who pleaded guilty to one count of wire fraud, stole the Bitcoin fortune from the now-defunct Silk Road marketplace ten years ago.

The Bitcoin OG managed to steal the funds by tricking “Silk Road’s withdrawal-processing system.

According to BitMEX Research, the hacker in question was known as “Loader” from the BitcoinTalk forum. On this forum, he once attempted to make a bet with notorious Bitcoin Cash advocate Roger Ver.

It is worth noting that this is the U.S. government’s second-largest Bitcoin seizure to date.

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