Damn...who says crime don't pay??? Notice that the sentence is mentioned..and not commented on at all! I guess if you give it all back...ya get a pass?
LOL! Now why do i doubt he gave it all back??
I posted the official release on this..it makes for interesting reading. The guy used the simplest way possible to do this. He posted some money to his account and took advantage of the lag to withdraw the same amount multiple times.
According to federal prosecutors, James Zhong, 32, stole more than 50,000 Bitcoin from Silk Road, a marketplace on the so-called "dark web" where users can buy anything from pornography to illicit drugs. Its founder, Ross Ulbricht, was sentenced in 2015 to life in prison without the possibility of parole after he was convicted of drug trafficking, money laundering, and hacking, among other charges.
Zhong was able to steal from the marketplace by creating multiple accounts and tricking Silk Road into releasing the Bitcoin to his accounts; per the Department of Justice. He never actually purchased or sold anything on the website, according to a DOJ statement.
"Back in 2012, James Zhong committed wire fraud by stealing 50,000 Bitcoin from Silk Road, and for the next 10 years, he managed to conceal what he had done and how he obtained his fortune," US Attorney Damian Williams said in the statement.
But in November 2021, US authorities obtained a search warrant to search his home in Gainesville, Georgia. There investigators recovered more than 50,000 Bitcoin, split between "an underground floor safe and on a single-board computer that was submerged under blankets in a popcorn tin stored in a bathroom closet." Authorities also recovered at Zhong's home more than $660,000 in cash, as well as silver and gold bars.
LOL! Now why do i doubt he gave it all back??
I posted the official release on this..it makes for interesting reading. The guy used the simplest way possible to do this. He posted some money to his account and took advantage of the lag to withdraw the same amount multiple times.
MSN
www.msn.com
- A man convicted of stealing around 50,000 Bitcoin was sentenced Friday to a year in prison.
- At the it was seized, the Bitcoin was worth over $3.4 billion.
- Prosecutors said the crypto-currency was stolen from the Silk Road dark web marketplace.
According to federal prosecutors, James Zhong, 32, stole more than 50,000 Bitcoin from Silk Road, a marketplace on the so-called "dark web" where users can buy anything from pornography to illicit drugs. Its founder, Ross Ulbricht, was sentenced in 2015 to life in prison without the possibility of parole after he was convicted of drug trafficking, money laundering, and hacking, among other charges.
Zhong was able to steal from the marketplace by creating multiple accounts and tricking Silk Road into releasing the Bitcoin to his accounts; per the Department of Justice. He never actually purchased or sold anything on the website, according to a DOJ statement.
"Back in 2012, James Zhong committed wire fraud by stealing 50,000 Bitcoin from Silk Road, and for the next 10 years, he managed to conceal what he had done and how he obtained his fortune," US Attorney Damian Williams said in the statement.
But in November 2021, US authorities obtained a search warrant to search his home in Gainesville, Georgia. There investigators recovered more than 50,000 Bitcoin, split between "an underground floor safe and on a single-board computer that was submerged under blankets in a popcorn tin stored in a bathroom closet." Authorities also recovered at Zhong's home more than $660,000 in cash, as well as silver and gold bars.
