US authorities seize $3.36 billion worth of bitcoins

Posted on November 8, 2022 by Liquidity24
Crypto news

US authorities seize $3.36 billion worth of bitcoins

On Monday, November 7, 2022, the US Department of Justice announced the confiscation of approximately $3.36 billion of stolen bitcoins.

The seizure came in an (undisclosed) 2021 raid by federal authorities on the residence of James Chong, who has been accused of fraud and faces up to 20 years in prison.

According to the Department of Justice, the US authorities also confiscated about 50,676 bitcoin units from Zhong on November 9, 2021.

The raids follow allegations that $3.6 billion in cryptocurrency was stolen last year in a 2016 Bitfinex hack.

Chung pleaded guilty to the accusations, saying he stole bitcoins from the illegal Silk Road Market, a dark web forum where narcotics and other illegal products are bought and sold with cryptocurrencies.