US seizes over 50K Bitcoin worth $3.3 bn stored in popcorn tin
Darpan News Desk IANS, 08 Nov, 2022 11:53 AM
Washington, Nov 8 (IANS) The US authorities have seized around 50,676 Bitcoin worth $3.36 billion stored in a circuit board hidden in the bottom of a popcorn tin in a bathroom closet.
The 32-year-old James Zhong from Georgia fraudulently obtained the Bitcoin from The Silk Road -- a site on the dark web once called "the Amazon of drugs" -- in 2012.
Zhong has now pleaded guilty to committing wire fraud in September 2012, when he unlawfully obtained over 50,000 Bitcoin from the Silk Road dark web internet marketplace, the US Department of Justice said in a statement late on Monday.
"Zhong committed wire fraud over a decade ago when he stole approximately 50,000 Bitcoin from the Silk Road. For almost 10 years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.3 billion mystery," said US Attorney Damian Williams.
Thanks to state-of-the-art cryptocurrency tracing and good old-fashioned police work, law enforcement located and recovered this impressive cache of crime proceeds.
"This case shows that we won't stop following the money, no matter how expertly hidden, even to a circuit board in the bottom of a popcorn tin," he said.
In operation from approximately 2011 until 2013, Silk Road was used by numerous drug dealers and other unlawful vendors to distribute massive quantities of illegal drugs and other illicit goods and services to many buyers and to launder all funds passing through it.
In 2015, following a groundbreaking prosecution by the US authorities, Silk Road's founder Ross Ulbricht was convicted by a unanimous jury and sentenced to life in prison.
Zhong funded the fraud accounts with an initial deposit of between 200 and 2,000 Bitcoin. After the initial deposit, he then quickly executed a series of withdrawals.
Through his scheme to defraud, he was able to withdraw many times more Bitcoin out of the Silk Road than he had deposited in the first instance.
He now faces a maximum sentence of 20 years in prison.
WASHINGTON - Prime Minister Justin Trudeau says Canada is braced for the possibility that the COVID-19 outbreak in the United States could get significantly worse, but he says the current travel restrictions at the border will suffice — for now.
New York senators Chuck Schumer and Kirsten Gillibrand, both Democrats, released a letter Monday urging the White House to bear in mind the importance of bilateral travel to businesses, families and communities located near the Canada-U.S. border.
Employees at a London store lashed out at an elderly Sikh customer before pushing him out as coronavirus panic-buying chaos gripped supermarkets across the country, a media report said on Thursday.
A team led by a first-year Indian-American medical student from the Harvard Medical School has launched an initiative to help immigrants with information regarding the coronavirus pandemic available in 30 different Indian languages, including Hindi, it was reported.
Hundreds of Indian doctors fighting the coronavirus pandemic in the US have been stuck in the green card backlog, facing additional anxiety and uncertainty of their stay in America amid the health crisis, a media report said.
