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, 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.

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