Historic $3.36 Billion Cryptocurrency Seizure And Conviction In Connection With Silk Road Dark Web Fraud

Pixelman

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Jun 7, 2022
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Damian Williams, the United States Attorney for the Southern District of New York, and Tyler Hatcher, the Special Agent in Charge of the Internal Revenue Service, Criminal Investigation, Los Angeles Field Office (“IRS-CI”), announced today that JAMES ZHONG pled guilty to committing wire fraud in September 2012 when he unlawfully obtained over 50,000 Bitcoin from the Silk Road dark web internet marketplace. ZHONG pled guilty on Friday, November 4, 2022, before United States District Judge Paul G. Gardephe.
Silk Road was an online “darknet” black market. In operation from approximately 2011 until 2013, Silk Road was used by numerous drug dealers and other unlawful vendors to distribute massive quantities of illegal drugs and other illicit goods and services to many buyers and to launder all funds passing through it. In 2015, following a groundbreaking prosecution by this Office, Silk Road’s founder Ross Ulbricht was convicted by a unanimous jury and sentenced to life in prison.

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upnorth

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Jul 27, 2015
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Glad to see some more updates on this old case, but it's a huge difference with Bitcoins value of today, and back in 2012. Will be interesting to see what the end sentence will land on.

Back in those days ( 2012 ) 10 years ago, one Bitcoin was worth around 10 bucks. Much less then the crazy value of today. On the other hand Bitcoin and many other crypto currencies has dropped/lost in value this year alone in staggering numbers. Around 67.000 in November 2021, down to today of 20.000.
2022-11-08_05-15-06.jpg

The Silk Road is a story with fascinating elements that many today already forgot about. Wired posted an article in 2015 that is well worth a read, even if it's a bit long and in 2 parts. Grab something to drink and enjoy! It's one of the more well written articles I personal ever read.
 

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