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U.S. seizes 50,000 BTC linked to the Deep Web

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Last November, the United States seized 50,000 BTC, which were eventually linked to the illegal Silk Road market.. When the assets were seized they were worth about $3.36 billion; now they are worth only $1.04 billion.

Image of a user surfing the dark web.

Today, the United States Attorney for the Southern District of New York, Damian Williams, announced today that. closed One of the most notorious cases of fraud involving digital assets. The case dates back to last November, when authorities in the country raided an address in Georgia linked to a man named James Zhong.

When the house was searched 50,676 BTC, $661,900 and precious stones of undisclosed value were seized.. All seized capital along with jewelry and assets were confiscated.Directly linked to the Deep Web market known as Silk Road..

The Deep Web is where all content not indexed by conventional search engines is collected, content that is usually illegal because it is also outside the law and its barriers. The Silk Road was the largest market within the Deep Web, where all kinds of products and goods of all kinds could be purchased. Within the Silk Road the main currency of exchange was BTC, which at the time was much cheaper than today.

On October 2, the FBI was able to shut down the market and identify its creator, Ross Ulbricht, who was also intercepted. Several similar markets have since sprung up, but none as large as Silk Road.

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The case against James Zhong has been finally closed by finding the defendant guilty of committing wire fraud in 2012. According to the DOJ statement, Zhong manipulated the Silk Road withdrawal system, making 140 transactions in quick succession.. This caused the collapse of the system, which was far less modern and secure than current withdrawal systems, and credited with sending BTC to different wallets multiple times..

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At the time of the seizure, the 50,000 BTC related to James Zhong represented the largest amount of assets ever obtained by an authority.. In February of this year, the hacking of the Bitfinex exchange led authorities to seize 70,000 BTC, a much higher figure in terms of quantity, but not volume, as the asset was down from November 2021.

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