Silk Road Criminal to One Year in Prison

The US Department of Justice announced that James Zhong, named in the Silk Road charges, was sentenced to one year in prison.
 Silk Road Criminal to One Year in Prison
READING NOW Silk Road Criminal to One Year in Prison

The US Department of Justice announced that James Zhong, named in the Silk Road charges, was sentenced to one year in prison.

The legal processes of the crypto industry’s biggest and most complex fraud are still ongoing. Silk Road fraud, which has been on the agenda for years, is being investigated in detail by the USA. Recently, the USA announced that it would sell the Bitcoins (BTC) seized in the Silk Road case piecemeal.

Finally, the US Department of Justice sentenced James Zhong to one year in prison, which he linked to the Silk Road processes. The reason behind this sentence was that Zhong admitted to the charges brought against him.

Silk Road Processes Continue

The US Department of Justice announced that as part of the Silk Road case, James Zhong was sentenced to one year in prison for his involvement in the theft of more than 51,680 Bitcoins (BTC). Zhong pleaded guilty to the charges in November last year.

“Cybercriminals must heed this message: no matter how complex your plan is and how long it takes, we will follow up the money and hold you accountable,” said US Attorney Damian Williams.

According to Prosecutor Williams, Zhong stole the BTCs in 2012 and managed to hide it for a full 10 years. US authorities seized the BTCs held by Zhong in 2021. The value of BTCs at that time was around $3.4 billion.

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