The U.S. Department of Justice announced the second largest cryptocurrency recovery operation on cryptoassets, seizing $3.36 billion worth of Bitcoin stolen a decade ago.The Department of Justice announced that it seized approximately 50,676 Bitcoin worth over $3.36 billion from the home of James Zhong during a search in Gainesville, Georgia. According to the press release, authorities said the $3.36 billion in stolen Bitcoin was found in a popcorn box placed in a bathroom closet, inside a single-board computer hidden under blankets.This is the second largest cryptocurrency recovery operation to date, following the seizure of $3.6 billion in cryptocurrency allegedly stolen in the 2016 hack of Bitfinex.Zhong’s profile stated that he was an early bitcoin investor and had experience in software development. Zhong’s social media profiles also included photos of him on yachts and in front of airplanes.According to authorities, Zhong carried out the theft through the Silk Road site, a shadowy web forum where drugs and other illegal goods were traded for cryptocurrency.Silk Road was founded in 2011 and shut down by the Federal Bureau of Investigation in 2013.However, such attacks did not end with the closure of the Silk Road site. According to a Chainalysis report, $1.9 billion worth of cryptocurrency was stolen through hacks through July 2022, compared to just under $1.2 billion during the same period in 2021.Damian Williams, U.S. Attorney for the Southern District of New York, also stated that James Zhong took advantage of the market’s vulnerabilities to carry out the hack.Tyler Hatcher, Special Agent in Charge of Criminal Investigation, stated that Zhong implemented a sophisticated plan to steal Bitcoin through Silk Road. Zhong carried out the hack in September 2012 by creating nine fake accounts on Silk Road and depositing between 200 and 2,000 Bitcoins into each account.Zhong then made over 140 transactions, tricking the market’s withdrawal and processing system into transferring approximately 50,000 Bitcoins to his accounts.Zhong then transferred these assets to various wallet addresses under his control.U.S. Attorney Damian Williams said in a press release, “For nearly a decade, the whereabouts of this massive pile of missing Bitcoins was a mystery. But thanks to the work of the authorities, more than 50,000 Bitcoins have been recovered.”