U.S. Uncovered Hacker Who Stole 50,000 Bitcoins From The Silk Road Dark Web

Silk Boulevard modified into robbed by James Zhong, 32, of Gainesville and Athens, Georgia a decade within the past of more than $3.36 billion in bitcoin (51,351.89785803 bitcoins), which modified into recovered lately by federal prosecutors. James Zhong is a awful hacker and due to this, he has been lately convicted by the US Division of Justice.

Silk Boulevard is believed to be one of many most notorious darkish internet marketplaces on this planet where of us from everywhere the realm are ready to aquire and trade the following issues:-

• Illegal tablets
• Illicit items
• Illicit companies and products

It modified into reported on Friday, November 4 that Zhong pleaded responsible to several crimes linked to money laundering.

An exploit modified into discovered by Zhong on a darkish internet marketplace that allowed him to withdraw a long way more Bitcoin than he had deposited on the placement attributable to a processing flaw.

Identifying a flaw in Silk Boulevard’s transactions machine, James confessed that he stole 50,000 bitcoins from the market in September 2012 outdated to fessing up to being a fraudster.

James Zhong modified into a former member of the Silk Boulevard darkish accumulate marketplace, and a total of 100,000 individuals participated on this market between the years 2011 and 2013 when this market operated.

Transaction Direction of

A entire of nine a amount of accounts had been funded by Zhong the expend of an preliminary deposit amounting to between 200 and a pair of,000 bitcoins. After that, he carried out 140 withdrawal requests and all these requests had been made in a speedy duration of time.

To provide these swiftly transactions conceivable, he took perfect thing about the rotten and tainted transaction machine of the market. So, with the support of these flaws the hacker fooled the market’s machine into releasing more than 50,000 bitcoins.

In expose to provide all traces as advanced as conceivable, he transferred the funds to a unfold of wallets within a speedy time physique.

Seizure of Bitcoin

Right here below we own talked about all of the checklist of items that had been processed and seized:-

• 50,491.06251844 Bitcoin
• An underground floor right
• A single-board computer
• $661,900 in money
• 25 Casascius money
• Four one-ounce silver-coloured bars
• Three one-ounce gold-coloured bars
• Four 10-ounce silver-coloured bars
• One gold-coloured coin

A entire of 825.24 Bitcoins had been surrendered by Zhong willingly to the authorities in March 2022. Furthermore, he surrendered 35.5 Bitcoins more to the authorities in Could presumably perhaps 2022.

It’s conceivable for Zhong to face a jail sentence of up to twenty years for pleading responsible to one count of wire fraud on this case.

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