US lays claim to $1 billion in bitcoin stolen from Silk Road

The US is in search of a forfeiture order for greater than $1 billion in Bitcoin that was stolen from the Silk Street on-line market in 2012, federal prosecutors in Manhattan mentioned on Monday.

Within the second largest seizure in Department of Justice historical past, legislation enforcement seized the 50,000 Bitcoin throughout a November 2021 search of the Gainesville, Georgia, dwelling of James Zhong.

Zhong on Friday pleaded responsible to wire fraud that tricked Silk Street’s processing system into releasing the funds into his accounts.

The Bitcoin was on the time price greater than $3 billion, however the worth of the cryptocurrency has since misplaced about two-thirds of its worth.

Silk Street was seized by the U.S. authorities in 2013, when officers described the underground web site as a large unlawful drug- and money-laundering market.

The web site’s creator Ross Ulbricht was convicted in 2015 of seven counts of enabling unlawful drug gross sales by way of bitcoin. He was sentenced to life in jail, and misplaced an tried enchantment in 2017. (Reporting by Luc Cohen in New York; modifying by Barbara Lewis)

Keep on high of technology and startup news that issues. Subscribe to our every day e-newsletter for the most recent and must-read tech information, delivered straight to your inbox.