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50,000 Bitcoin stolen: James Zhong gets two years in prison

According to the Wall Street Journal, U.S. authorities have solved a $3.4 billion crypto theft.

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50,000 Bitcoin stolen: James Zhong gets two years in prison

According to the Wall Street Journal, U.S. authorities have solved a $3.4 billion crypto theft. A court ruling is expected today, April 14. The prosecutors are seeking a two-year prison sentence.

The former computer science student James Zhong found himself on the infamous darknet platform Silk Road in 2012 and spotted a software bug. He exploited this vulnerability and was able to steal 50,000 bitcoins within hours.

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In November 2021 federal agents with a search warrant found the private keys to the crypto wallets. The information was tucked away in a safe in the basement and in a can of popcorn in the bathroom. The equivalent value of the seized coins was about $3.4 billion at the time of seizure. Zhong pleaded guilty.

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