The US Lawyer’s Workplace for the Southern District of New York has introduced the sentencing of an individual who has pleaded responsible to costs of fraud associated to “illegitimate” Bitcoin switch from the Silk Highway market in 2012.

In an April 14 announcement, the U.S. Division of Justice stated James Zhong was sentenced to a yr and a day in jail on costs associated to finishing up a plan to steal greater than 51,680 bitcoin (BTC). Zhong pleaded responsible to the costs in November 2022 and had been awaiting sentencing.

“Cyber ​​criminals ought to heed this message: we’ll pursue the cash and maintain you accountable, regardless of how refined your plan and the way lengthy it takes,” stated US Lawyer Damian Williams.

In keeping with Williams, Zhong stole the BTC in 2012 and managed to cover his crime for about 10 years earlier than being charged. US authorities seized Bitcoin holdings from Zhong’s Georgia house in November 2021 and located many of the crypto in a ground protected and a pc hidden in a popcorn can. The cash had been price round $3.4 billion on the time.

Within the US Lawyer’s Word for Silk Highway bitcoin thief James Zhong: Investigators seized felony proceeds from “a single-board pc submerged underneath blankets in a popcorn can stored in a toilet cupboard.” (Sentencing is as we speak at 3 p.m.). pic.twitter.com/7aamQryQ6B

— Rachel Scharf (@rhart_) April 14, 2023

Associated: The US authorities plans to sell 41,000 Bitcoin linked to Silk Highway

The Silk Highway market, which ceased to exist about 10 years in the past, allowed customers to purchase and sell unlawful items akin to weapons and stolen bank card data, drawing the eye of US authorities. The platform’s creator, Ross Ulbricht, was arrested for his position in 2013 and is presently serving two life sentences with no chance of parole.

Journal: US regulation enforcement companies are heating up crypto-related crime