US Hacker's Home Raided, Seizing Bitcoin Worth 4.7 Trillion Won Stolen 10 Years Ago

James Jong Admits to Stealing 50,676 Bitcoins
Used Anonymous Accounts on Dark Web Black Market to Divert Bitcoins

[Asia Economy Reporter Hyunju Park] The U.S. federal prosecutors have seized cryptocurrency worth $3.4 billion (approximately 4.7 trillion KRW) that was stolen 10 years ago.

On the 7th (local time), according to AFP and CNBC, the U.S. Southern District of New York federal prosecutors announced that hacker James Jong (32) admitted to stealing 50,676 bitcoins.

According to the federal prosecutors, Jong embezzled bitcoins from the dark web marketplace site "Silk Road" in September 2012. He was investigated for using nine anonymous accounts to execute over 140 rapid transactions, disrupting the site's withdrawal processing system, and then depositing large amounts of bitcoins into his own accounts. Silk Road, which operated from 2011, was mainly used for drug trafficking and money laundering and was shut down by the FBI in 2013.

Chasing the whereabouts of the missing bitcoins, federal prosecutors raided Jong's home in Gainesville, Georgia, last November and found 50,676 hidden bitcoins. The bitcoins were discovered in Jong's basement safe and in a popcorn container inside a bathroom closet. At the time of seizure, the 50,000+ bitcoins were valued at $3.4 billion, but at current market prices, they are estimated to be worth about $1.03 billion (1.43 trillion KRW). This means the value has dropped to about one-third over the past year.

Federal prosecutor Damian Williams said in a press release, "Thanks to the latest cryptocurrency tracking technology and traditional police investigative techniques, we were able to uncover an impressive criminal proceeds hiding place." AFP explained that Jong could face up to 20 years in prison.

This content was produced with the assistance of AI translation services.