HomeCrimeFed agents seize 3 billion in stolen bitcoin

Fed agents seize 3 billion in stolen bitcoin

A ten-year search for stolen bitcoin netted federal agents 51,680 Bitcoin valued at 3.3 billion dollars, reports Fortune.

Authorities served a search warrant on the Gainesville, FL home of James Zhong, who pleaded guilty of stealing from the dark web known as the silk road.

Online Athens reports investigators found the bitcoin in an underground safe. Prosecutors described it as the largest seizure by the Internal Revenue Service and the second largest seizure of cryptocurrency.

According to the Daily Mail, police found the stolen bitcoin in a popcorn tin.

Zhong faces a maximum sentence of 20 years in prison and is scheduled to be sentenced on February 22.

“Zhong committed wire fraud over a decade ago when he stole approximately 50,000 Bitcoin from Silk Road,’ U.S. attorney Damian Williams said in a statement this week.

Prosecutors said Zhong created nine accounts and then made multiple requests for withdrawals, tricking the site into giving him much more than he deposited.

Zhong raised suspicions when he reported a burglary and said a large amount of bitcoin had been stolen.

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