The U.S. Department of Justice seizes a record $3.36 billion in Bitcoin tied to the dark web

The Department of Justice (DOJ) of the United States has reported the seizure of a record $3.36 billion worth of Bitcoin (BTC) associated with the Silk Road dark web crime.

James Zhong pleaded guilty on November 7 to illegally acquire 50,676 bitcoins, according to a news release from the Department of Justice.

Zhong, who is suspected of stealing bitcoins from the Silk Road bazaar, allegedly used innovative methods to conceal the gains.

According to the United States Attorney for the Southern District of New York, Damian Williams, the offence was committed over a decade ago, and the Bitcoin’s whereabouts remain unknown. On November 9, 2021, the authorities took assets from Zhong’s residence using a search order.

“This enormous stash of criminal earnings was found and seized by law enforcement using both cutting-edge cryptocurrency tracking technology and plain old fashioned police labour. “This case demonstrates that we will continue to chase the money, no matter how well it is concealed, down to a circuit board at the bottom of a popcorn tin,” Williams said.

Following his guilty plea to counts of wire fraud, the 32-year-old Zhong now faces up to 20 years in prison.

Notably, Silk Road was an online black market primarily used by drug traffickers and other illegal vendors selling illicit products and services.

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