More
    HomeBreakingDOJ Makes Largest Seizure of 'Dark Web' Assets Ever, Billions of Dollars...

    DOJ Makes Largest Seizure of ‘Dark Web’ Assets Ever, Billions of Dollars in Cryptocurrency

    Published on

    According to information released by the DOJ on Monday, the Department of Justice confiscated more than $3.36 billion in bitcoin last year as a result of fraud committed on the so-called “dark web.”

    According to the DOJ, James Zhong stole 50,000 bitcoins from the Silk Road Marketplace, a notorious dark web platform used by drug dealers and other illegal actors from 2011 to 2013. Zhong entered a guilty plea for wire fraud on Friday, and the government’s seizure of his stolen bitcoin on November 9, 2021, is the second-largest financial seizure in the agency’s history in terms of cash value.

    According to the DOJ, Tyler Hatcher, the Special Agent in Charge of the Internal Revenue Service, Criminal Investigation, Los Angeles Field Office, said that “Mr. Zhong executed a sophisticated scheme designed to steal bitcoin from the notorious Silk Road Marketplace.”. “Once he was successful in his heist, he attempted to hide his spoils through a series of complex transactions, which he hoped would be enhanced as he hid behind the mystery of the ‘darknet.’”

    According to the U.S. Attorney’s Office of the Northern District of California, in November 2020, the DOJ took 69,000 bitcoin from a hacker it only named as “Individual X,” which was worth at over $1 billion at the time. The Silk Road founder Ross Ulbricht, who was found guilty of drug trafficking and money laundering in 2015 and given a life sentence, had the cryptocurrency taken from him, according to a story from The Wall Street Journal at the time.

    Beyond the news release, the DOJ declined to comment.

    More on this story via The Western Journal

    Latest articles

    Adam Schiff’s Attempt to Play the Victim Blows Up in His Face When People See Right Through His Act

    Rep. Adam Schiff ought to be knowledgeable about lying about a man's background. The California...

    CNN Rattled by Elon Musk’s Humor, Posts Fact Check That Blows Up in Face: ‘Be Better’

    It's a common misconception that liberals lack humor. When you're so busy looking for...

    WH Press Sec Makes Embarrassing Mistake 4 Times – Proves Apple Doesn’t Fall Far from Tree in Biden Admin

    It seems that just because you work for a Nobel laureate doesn't imply you...

    Kari Lake Just Dropped Atom Bomb On Corrupt Election Officials — She’s Doing It!

    After Arizona election officials certified the results, the Republican candidate for governor declared that...

    More like this

    Adam Schiff’s Attempt to Play the Victim Blows Up in His Face When People See Right Through His Act

    Rep. Adam Schiff ought to be knowledgeable about lying about a man's background. The California...

    CNN Rattled by Elon Musk’s Humor, Posts Fact Check That Blows Up in Face: ‘Be Better’

    It's a common misconception that liberals lack humor. When you're so busy looking for...

    WH Press Sec Makes Embarrassing Mistake 4 Times – Proves Apple Doesn’t Fall Far from Tree in Biden Admin

    It seems that just because you work for a Nobel laureate doesn't imply you...