Home
News
One of the most popular crypto fraud cases that happened in the United States recently came into the news. In 2012, James Zhong’s fraud in the crypto industry has remained a mystery case for police forces and law enforcement in the nation. For ten years, the case remained unsolved for the entities.
After failing a lot of attempts, the administrations in the states took the help of state-of-the-art cryptocurrency tracing to find Zhong in 2021. He was arrested on November 9, 2021, for stealing bitcoin illegally from the Silk Road marketplace. The law enforcement agencies seized 50,676 bitcoins worth $3.36 billion (USD) from Zhong, who worked as a real estate developer in Georgia. After the Bitfinex 2016 hack, Zhong crypto fraud was recorded as one of the largest digital currency seizures and the second largest financial seizure in the nation.
The most popular black market in the United States came into the news after years. The Silk Road, which was introduced in 2011, is mostly famous for its illicit drug mafia and is also involved in trading cryptocurrencies. Silk Road started the business illegally by doing undercover operations in the United States. It paved the way for new generations of dark web markets across the world.
Ulbricht developed the Silk Road with the aim of protecting customers’ IDs, transaction details, and individual freedom. It helped drug dealers and unlawful users to trade illicit goods and services through the platform. In 2013, the FBI banned the website and collected billions of dollars’ worth of bitcoin. By arresting Ulbricht, the administration sent a message to the remaining crypto scammers in the nation.
On November 4 2022, Zhong pleaded guilty before United States District Judge Paul G.Gardephe for committing wire fraud in September 2012. There are many cyber cases that have remained unsolved for the past few years.
Another popular cyber case that happened recently was in Brazil. The Brazilian police seized a huge number of cash and luxury items that were valued at up to 780 million euros, that were robbed in a cryptocurrency scheme. In March 2022, Brazilian police gathered information from the United States authorities via Interpol. After collecting information, the Brazilian police started investigating, where they found 4 billion Brazilian users and some of the users from other countries were affected by the Da Silva cyber attack.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
