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US authorities seize 50,000 bitcoin related to Silk Road
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finextra.comZhong has pled guilty to wire fraud in 2012 when he obtained the bitcoin from the Silk Road. He set up a string of approximately nine Silk Road accounts and then triggered over 140 transactions in rapid succession in order to trick the site’s withdrawal-processing system into releasing the bitcoin from its payment system into his accounts.US Attorney Damian Williams says: "Thanks to state-of-the-art cryptocurrency tracing and good old-fashioned police work, law enforcement located and recovered this impressive cache of crime proceeds.
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