7 minutes agoAmerican authorities seized Bitcoin for $3.36 billion
Periskopi(4 years ago)
(4 years ago)The U.S. Department of Justice (DD) has seized bitumen in value of about $3.36 billion stolen during an unprecedented raid at James Zing's residence in 2021. Zing was convicted on Friday of a fraud charge that carries a maximum sentence of 20 years in prison. American authorities seized around [...]
Zing was convicted on Friday of a fraud charge that carries a maximum sentence of 20 years in prison.
U.S. authorities seized some 50,676 bitcoin, then worth more than $3.36 billion, from Zing during a raid on his home in Gainesville, Georgia, on November 9, 2021.
It's the second largest financial sequencing of DD's to date, after sequenting 3.6 billion in alleged stolen cryptovalus related to the retaliation of 2016 of the Bitfinex crypto exchange, which DD announced in February.
According to authorities, Zing stole bitumen from the illegal Silk Road market, a dark internet forum where drugs and other illegal products were purchased and sold using cryptovaluta.
The Silk Road was launched in 2011 but was closed by the Federal Bureau of Investigation in 2013. Its founder, Ross William Ulbricht, is now serving a life sentence.
According to New York's South District, Zing exploited market weaknesses in order to inflict revenge.
Special Agent in charge of Tyler Hatcher, the Internal Revenue Service, said Zing used a high-tech <x0-5x1> to steal bitcoin from Silk Road.
According to the press release, in September 2012, Zhong established nine false accounts in Silk Road, financing each from 200 to 2000. It then started more than 140 transactions in a row, which deceived the market's attractive processing system to release about 50,000 bitumen in its accounts. Zung then transferred bitumen to various wallets' addresses, all under his control.
Public data shows that Zong was president and chief executive of a company he created himself, JZ Capital LLC, which was released in Georgia in 2014. According to his account at LinkedIn, his work there focused on “investment and entrepreneurial capital”.
His profile also says he was a “a major early investor in bitcoin with broad knowledge of his internal functioning” and that he had experience in developing software in computer programming languages.
Zong's social media profiles include pictures of him on yachts, jets and high profile football matches.
