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James Zhong pleaded blameworthy to the ligament fraud charges successful November 2022 and had been awaiting sentencing for his relation successful the "unlawfully obtained" Bitcoin scheme.
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The United States Attorney’s Office for the Southern District of New York has announced the sentencing for an idiosyncratic who pleaded blameworthy to ligament fraud charges connected to “unlawfully obtained” Bitcoin from the Silk Road marketplace successful 2012.
In an April 14 announcement, the U.S. Justice Department said James Zhong was sentenced to 1 twelvemonth and 1 time successful situation for charges related to executing a strategy to bargain much than 51,680 Bitcoin (BTC). Zhong pleaded blameworthy to the charges successful November 2022 and had been awaiting sentencing.
“Cyber-criminals should heed this message: we volition travel the wealth and clasp you accountable, nary substance however blase your strategy and nary substance however agelong it takes,” said U.S. Attorney Damian Williams.
According to Williams, Zhong stole the BTC successful 2012 and managed to conceal his transgression for astir 10 years earlier facing charges. U.S. authorities seized the Bitcoin holdings from Zhong’s location successful the authorities of Georgia successful November 2021, uncovering the bulk of the crypto successful a level harmless and a machine concealed successful a popcorn tin. The coins were worthy astir $3.4 cardinal astatine the time.
In the U.S. Attorney's sentencing memo for Silk Road Bitcoin stealer James Zhong: investigators seized transgression proceeds from "a single-board machine that was submerged nether blankets successful a popcorn tin stored successful a bath closet." (Sentencing is contiguous astatine 3 pm). pic.twitter.com/7aamQryQ6B
— Rachel Scharf (@rscharf_) April 14, 2023Related: US authorities plans to merchantability 41K Bitcoin connected to Silk Road
The Silk Road marketplace, defunct for astir 10 years, allowed users to bargain and merchantability illicit goods specified arsenic weapons and stolen recognition paper information, drafting the attraction of U.S. authorities. The creator of the platform, Ross Ulbricht, was arrested for his relation successful 2013 and is currently serving 2 beingness sentences without the anticipation of parole.
Magazine: US enforcement agencies are turning up the vigor connected crypto-related crime
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