The seized Bitcoin is now worth $1.48 billion, but James Zhong, 32, should do time behind bars for his heist in 2012 from the Silk Road darkweb site, prosecutors told a federal judge Friday, noting he deserves leniency for helping authorities recover the stolen crypto. Zhong pleaded guilty in November and wants the judge to spare him a prison term.
Zhong hid his caper for a decade, and spent $16 million of the proceeds on real estate investments, luxury hotels, nightclubs and cars like Lamborghinis and a Tesla, prosecutors wrote in a filing in federal court in New York. The Bitcoin he sold for that high life was valued at $142 million at the time of the seizure, they said.
Source: Bitcoin Thief Who Held $3.4 Billion in Crypto Deserves Prison, US Says – Bloomberg
