Additionally, when he is released, he will not owe any money. This debt cancellation means that any funds Ulbricht earns while still in prison he can send to family and friends. In 2021, prosecutors signed an agreement with Ulbricht that the money seized from the hacker would pay Ulbricht’s $183 million in restitution.
Treasury Department’s Internal Revenue Service later seized all the funds, worth $1 billion at the time. None of Silk Road’s logs included their transactions, increasing suspicion that they were the work of a hacker. Analytics firm Chainalysis identified that the hacker had started moving funds out of Silk Road to their own wallets in 2012. Instead, a hacker likely cracked the encrypted file to access the funds. Since Ulbricht was in prison, he couldn’t have moved the funds. The keys to 1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbh had reportedly been circulating on hacker forums, embedded in an encrypted file. Later, Zhong voluntarily handed over about 1,004 additional Bitcoin. Additionally, they seized over $600,000 in cash, 25 physical Bitcoin, and several precious metals. When law enforcement raided Zhong’s home in 2021, they found the wallet keys for 50,591 of the 53,500 BTC in an underground safe and a computer board. This conversion took his Bitcoin holdings to 53,500 BTC, called the “Crime Proceeds,” according to the DoJ. He converted BCH to Bitcoin using overseas exchanges. When the Bitcoin blockchain split to create the Bitcoin Cash hard fork in 2017, Zhong received 50,000 BCH. After that, he transferred this money out of Silk Road and consolidated the funds into two large amounts. He then made a series of rapid withdrawals within seconds of the deposits. Zhong deposited between 2 BTC into each of his Silk Road accounts. 2021 from his home in Gainesville, Georgia. Zhong’s guilty plea follows a seizure of roughly 50,676 BTC ($3.3 billion) by law enforcement in Nov. Justice Department, Zhong created 140 transactions that caused Silk Road’s withdrawal processing system to deposit 50,000 BTC into his nine accounts. Silk Road fraudster James Zhong pleaded guilty to stealing 50,000 BTC from the Silk Road darknet marketplace in 2012.Īccording to the U.S.
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