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ARTICLE · 16 NOVEMBER 2022

DOJ Seizes Over $3 Billion In Historic Crypto Dark Web Fraud Case

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The DOJ is prosecuting historic activity and using information for current seizures.

United StatesTechnology
Teresa Goody Guillén
Teresa Goody Guillén
Carlos F. Ortiz
Carlos F. Ortiz
Shade Quailey
Shade Quailey
Michelle Tanney
Michelle Tanney
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On November 7, 2022, the U.S. Department of Justice (DOJ) announced that it had seized more than $3.36 billion worth of bitcoin as part of a continuing investigation into a 10-year fraud involving the Silk Road dark web marketplace. This seizure signifies the DOJ's second-largest cryptocurrency seizure and financial seizure in history,1 and it demonstrates the DOJ's commitment to chase funds and prosecute those involved, despite the passage of years. On November 4, Defendant James Zhong pleaded guilty to one count of wire fraud before the U.S. District Court for the Southern District of New York in connection with his scheme.

Key Takeaways:

  • The DOJ is prosecuting historic activity and using information for current seizures.

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