Old News Gets a Fresh Coat of Paint

2 17
Avatar for Bragato18
10 months ago

The US Justice Department announces it has recently acquired over $3 billion worth of crypto. This being the Department of Justice’s second-largest financial acquisition to date. The largest being the 94,000 bitcoins retrieved from the 2016 Bitfinex hack. At the time 120,000 bitcoins worth $70 million were taken from customer accounts.

James Zhong

The Gainesville, Georgia residence of James Zhong was searched and the Feds found a single board computer under blankets in an old popcorn tin in the bathroom closet.

Zhong had pleaded guilty to wire fraud.

Silk Road

James was only 22 when he had created nine fraudulent accounts in 2012.

Then James had bombarded the Silk Road system with over 140 transactions in less than a second.  

This caused the system to release 51,680 bitcoins to his accounts. Which Zhong then sent to other bitcoin wallets he controlled.

The FBI had shut down Silk Road in 2013.

Note: There would have been an equivalent amount of Bitcoin Cash resulting from the 2017 hard fork.

It Just Gets Better

The local police only discovered the stolen Bitcoin after Zhong called the police to report a burglary back in 2019.

He told police at the time that a number of different valuables had been stolen, including “a lot of Bitcoin”. 

James had used a crypto exchange loosely linked to his name to profit from his Bitcoin holdings in 2017. This was a crucial element that led investigators to eventually end up pinning him with the crime.

Zhong’s name was also publicly linked to an 80% share in a company that held “substantial real estate holdings” in his local area.


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Avatar for Bragato18
10 months ago


they were weren't they, but we were a lot younger then

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10 months ago

The old days in the cryptoverse were so cool :D

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10 months ago