James Zhong stole approximately 50,000 bitcoin from the Ross Ulbricht-run marketplace. He was sentenced to one year and one day in prison.
A hacker who exploited a flaw in Silk Road’s withdrawal system for a bitcoin heist that became worth billions will serve a prison sentence and lose his coins after pleading guilty to wire fraud.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.
The incidents occurred between 2011 and 2013, when bitcoin held far less value. The original cryptocurrency ended 2013 at less than $800 per coin, far less than its current market price of approximately $30,000. Authorities raided Zhong’s home on Nov. 9, 2021, close to the time when bitcoin reached its highest ever value of nearly $69,000.
Zhong also received over 50,000 in bitcoin cash following the 2017 hard fork split between bitcoin and bitcoin cash’s blockchains. Federal law enforcement recovered the nearly 50,500 bitcoin from a single-board computer hidden under blankets in a Cheetos popcorn tin stored in a bathroom closet, according to aIn addition to that bitcoin, law enforcement also seized nearly $662,000 in cash and 25
Casascius coins, physical metal coins created to represent bitcoin that also contained private keys to control actual bitcoin. Those physical representations held value totaling approximately 174 bitcoin.Casascius coins, several physical metal bars, cash, and an investment in a real estate holding company© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only.
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