The United States Department of Justice has announced the seizure of over $1 billion in stolen bitcoin.
The DOJ announced on Nov. 7, that it had earlier seized the stolen bitcoin on Nov. 9 2021, after an unannounced IRS raid on the Gainesville, Ga. home of James Zhong, a 32-year-old investor.
Federal authorities took 50,676 in bitcoin from Zhong’s residence, which was once valued at over $3.36 billion at the time of the theft.
Bitcoin has since lost about two-thirds of its value since it was stolen.
Zhong was charged by federal prosecutors in Manhattan with stealing billions in cryptocurrency from the underground Silk Road online exchange and transferring them into his private accounts in September 2012….