James Zhong defrauded Silk Road in 2012 and managed to steal at least 50,000 BTC. However, the culprit was sentenced to a year in prison as of 14 April.
As per U.S. attorney Damian Williams, after committing the wire fraud, Zhong managed to conceal his ways of obtaining BTC. Furthermore, the culprit made the use of a decentralized Bitcoin mixer, an overseas cryptocurrency exchange, and an array of technological tools to make the tracing process extremely difficult.
All the stolen BTC was deposited in Zhong’s account. It was then transferred to various addresses that were supposedly under Zhong’s control. Zhong made an initial deposit in BTC and then made a series of withdrawals almost immediately. This enabled him to withdraw a higher amount than he initially deposited.
Additionally, in August 2017, due to the hard fork coin split, traditional BTC and Bitcoin cash came into existence. At the time of the split, any individual with a sizable amount in their wallet would be granted the same tokens on both the chains.in addition to the 50,000 Bitcoin that ZHONG unlawfully obtained from Silk Road. All in all, James Zhong possessed 53,500 BTC by the end of 2017.
James Zhong pleaded guilty to the wire fraud charges in November 2022. As of 14 April, he was sentenced for a period of one year and one day in prison.
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