The Justice Department said that it seized $3.4 billion in bitcoin stolen a decade ago through the 'Silk Road' dark web
Monday that it had seized $3.36 billion worth of bitcoin from James Zhong, a man who"unlawfully obtained" more than 50,000 bitcoin from a dark web marketplace called the Silk Road.
Zhong's plea comes approximately one year after the DOJ seized the currency from his home in Gainesville, Georgia. The DOJ's statement noted that the bitcoin was hidden in an underground safe where it had been placed on a single-board computer that was itself"submerged under blankets" and placed in a popcorn tin in a bathroom closet.
The Silk Road was an online"darknet" black market for distributing enormous quantities of illegal drugs and illicit goods that operated between 2011 to 2013, according to the statement. Zhong had stolen the bitcoin by executing a scheme to defraud the Silk Road by creating a string of approximately nine fraud accounts on the site, the statement said.
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