Silk Road Bitcoin thief sentenced to one year in prison for $3.4B theft.
James Zhong, who pleaded guilty to wire fraud charges related to the theft of over 51,680 Bitcoin from the Silk Road marketplace in 2012, has been sentenced to one year and one day in prison. Zhong managed to conceal his crime for roughly 10 years before facing charges, and US authorities seized the Bitcoin holdings from his home in Georgia in November 2021, worth roughly $3.4 billion at the time. The Silk Road marketplace, defunct for roughly 10 years, allowed users to buy and sell illicit goods, drawing the attention of US authorities.
