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US Citizen Who Stole 50,000 BTC From Silk Road Darknet Market Sent to Prison

Apr 30, 2023
US Citizen Who Stole 50,000 BTC From Silk Road Darknet Market Sent to Prison

The US Southern District of New York’s prosecutors declared on April 14 that James Juung, who pleaded guilty to the theft, will be imprisoned for a year and a day.

“Cybercriminals should heed this message: we will track your money and hold you accountable, no matter how complex your scheme and how long it takes,” said United States prosecutor Damian Williams who is a noticeable figure in the administration.

According to Williams, Juung stole BTC back in 2012 and kept his crime hidden for nearly a decade. In November 2021, lawsuit officers searched his home and occupied around 50,676 bitcoins, almost $700,000 in cash, and bars of precious metals.

The private keys that allowed them to access the cryptocurrency were safely held in an underground and a PC hidden in a popcorn container. In March 2022, he voluntarily surrendered an additional 1,004 BTC to the authorities.

US Government selling confiscated BTC

The US government has no intention of holding onto the confiscated Silk Road bitcoins. Moreover, during court hearings, the authorities announced that they will dispose of the coins by the end of 2023.

According to the details presented, they sold more than 9,861 BTC on March 14, 2023. It is unclear how quickly the government intends to dispose of the remaining 41,490.7 BTC. However, the statement notes that the cryptocurrency will be sold in four tranches.

Silk Road, a dark web market that was shut down almost 10 years ago, gave users the ability to trade illegal products such as weapons and stolen credit card data, which caught the attention of US authorities. The platform’s creator, Ross Ulbricht, was arrested in 2013 and is currently serving two life sentences and no possibility of parole.

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