The Department of Justice (DOJ) announced on Monday a massive seizure of bitcoin stolen from the now-defunct Silk Road online marketplace, as well as the conviction of the person accused of stealing the cryptocurrency. Authorities took possession of approximately $3.36 billion in stolen bitcoin about a year ago, marking the DOJ’s “second largest financial seizure ever,” according to a release from the agency. The more than 50,600 bitcoin were obtained illegally years ago by James Zhong, who pleaded guilty to wire fraud on Friday, according to the DOJ. According to the DOJ, Zhong committed wire fraud in September 2012 by tricking Silk Road’s withdrawal-processing system into releasing bitcoin into nine accounts he had set up on the illegal marketplace.
