US Announces Seizure Of $3.36B In Stolen Bitcoin!

US Announces Seizure Of $3.36B In Stolen Bitcoin!

The U.S FED’s have announced the seizure of a massive sum of stolen Bitcoin, the largest crypto seizure ever and the second largest financial seizure in history, making the U.S government the largest holder of BTC than any other crypto holder.

The BTC Seizure

On Monday, the U.S. Department of Justice (DOJ) announced that they had managed to successfully seized around $3.36 billion in stolen bitcoin during a 2021 raid on the residence of James Zhong.

Zhong pleaded guilty on Friday of “committing wire fraud” back in September of 2012 where he managed to “unlawfully obtain” over 50,676 BTC from the Silk Road dark web.

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“For almost ten years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.3 billion mystery,” U.S. Attorney Damian Williams said in a press release.

According to a press release, the authorities managed to find all this stolen crypto along with $662,000 in cash in “an underground floor safe,” as well as in a computer which was was beneath blankets in a popcorn tin stored in a bathroom closet. 

The DOJ have announced that this massive $3.36 Billion in crypto was now not only the biggest seizure of cryptocurrencies ever but also the second largest financial seizure ever.

Previous Crypto Seizures

Aside from Zhong’s case, the last large crypto seizure noted happened in February where authorities managed to find and arrest a couple in New York City for stealing about 120,000 BTC.

Another major Bitcoin seizure linked to Silk-road also took place back in 2020 where authorities managed to seize 69,370 BTC which at the time was worth around  $1 billion in total.

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