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Top related persons:
— - 1 James Zhong - 1 Sam Bankman - 1
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Washington Coinbase
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Service - 1 Washington - 1 Wall Street - 1

Search resuls for: "James Zhong"


6 mentions found


☆ The US government owns $5.5 billion worth of bitcoin. Whether it holds or sells its stash could have a big impact on the token's price.
  + stars: | 2023-10-21 | by ( George Glover | ) www.businessinsider.com   time to read: +3 min
The US government has seized at least $5.5 billion worth of bitcoin since 2020, according to analysts. Its stake makes it one of the world's largest crypto "whales". Whether it holds or sells its bitcoin stash could have a huge impact on the token's price. AdvertisementAdvertisementThe US government owns billions of dollars worth of bitcoin – and whether it decides to hold or sell could have a big impact on the cryptocurrency's price. Lower volatility means that whales can drive big swings all by themselves – so what the government decides to do with its $5.5 billion stash could have a major impact on bitcoin's price.
Persons: —, James Zhong, Sam Bankman Organizations: Service, Washington, Wall Street Locations: Washington, Coinbase
☆ Man gets prison time after feds discover $3.4 billion in stolen Bitcoin hidden inside a Cheetos popcorn tin and underground safe
  + stars: | 2023-04-14 | by ( Charles R. Davis | ) www.businessinsider.com   time to read: +2 min
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. 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." A photo shared by the department shows that the crypto tin originally contained Cheetos-brand popcorn in both Flamin' Hot and Cheddar flavors.
☆ U.S. lays claim to $1 billion in bitcoin stolen from Silk Road
  + stars: | 2022-11-07 | by ( Boies | Hausfeld Among Law Firms Reaping | Mln Windfall In Blue Cross Antitrust Case | ) www.reuters.com   time to read: +1 min
NEW YORK, Nov 7 (Reuters) - The United States is seeking a forfeiture order for more than $1 billion in Bitcoin that was stolen from the Silk Road online marketplace in 2012, federal prosecutors in Manhattan said on Monday. Zhong on Friday pleaded guilty to wire fraud that tricked Silk Road's processing system into releasing the funds into his accounts. The Bitcoin was at the time worth more than $3 billion, but the value of the cryptocurrency has since lost about two-thirds of its value. Silk Road was seized by the U.S. government in 2013, when officials described the underground website as a massive illegal drug- and money-laundering marketplace. The website's creator Ross Ulbricht was convicted in 2015 of seven counts of enabling illegal drug sales via bitcoin.
☆ The Justice Department said that it seized $3.4 billion in bitcoin stolen a decade ago through the 'Silk Road' dark web
  + stars: | 2022-11-07 | by ( Lakshmi Varanasi | ) www.businessinsider.com   time to read: +3 min
The Justice Department announced a seizure of $3.36 billion in stolen bitcoin. Defendant James Zhong pleaded guilty to wire fraud using a dark web market called the Silk Road. The DOJ's statement said that Zhong pled guilty on Friday to committing wire fraud back in September 2012. In February 2022, the department seized about $4 billion of bitcoin in the wake of a 2016 theft. Zhong had stolen the bitcoin by executing a scheme to defraud the Silk Road by creating a string of approximately nine fraud accounts on the site, the statement said.
☆ U.S. lays claim to $1 billion in stolen Silk Road Bitcoin
  + stars: | 2022-11-07 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com   time to read: +2 min
NEW YORK, Nov 7 (Reuters) - The United States is seeking the forfeiture of more than $1 billion in Bitcoin stolen from the Silk Road online marketplace, federal prosecutors in Manhattan said on Monday. By the time it was seized, the Bitcoin was worth more than $3 billion. Some of the stolen Bitcoin was found on a computer in a popcorn tin stored in a bathroom closet, IRS special agent Trevor McAleenan said in an affidavit. The U.S. government seized Silk Road in 2013, describing the underground website as a massive illegal drug and money-laundering marketplace. Silk Road creator Ross Ulbricht was convicted in 2015 of seven counts of enabling illegal drug sales via bitcoin.
☆ Feds announce $3.36 billion seizure of bitcoin, the second-largest recovery of crypto so far
  + stars: | 2022-11-07 | by ( Paige Tortorelli | ) www.cnbc.com   time to read: +3 min
The Department of Justice announced Monday that it seized about $3.36 billion in stolen bitcoin during a previously-unannounced 2021 raid on the residence of James Zhong. It follows the $3.6 billion in allegedly stolen cryptocurrency linked to the 2016 hack of the cryptocurrency exchange, Bitfinex. Silk Road was launched in 2011, but the Federal Bureau of Investigation shut it down in 2013. IRS-CI Special Agent in Charge Tyler Hatcher said Zhong used a "sophisticated scheme" to steal the bitcoin from the Silk Road marketplace. In October 2022, Binance, the world's largest crypto exchange by trading volume, suffered a $570 million hack.
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