this post was submitted on 18 Oct 2023
234 points (97.6% liked)

Technology

60133 readers
3853 users here now

This is a most excellent place for technology news and articles.


Our Rules


  1. Follow the lemmy.world rules.
  2. Only tech related content.
  3. Be excellent to each another!
  4. Mod approved content bots can post up to 10 articles per day.
  5. Threads asking for personal tech support may be deleted.
  6. Politics threads may be removed.
  7. No memes allowed as posts, OK to post as comments.
  8. Only approved bots from the list below, to ask if your bot can be added please contact us.
  9. Check for duplicates before posting, duplicates may be removed

Approved Bots


founded 2 years ago
MODERATORS
 

The secret life of Jimmy Zhong, who stole – and lost – more than $3 billion::CNBC obtained never-before-seen body camera footage that shows how investigators linked Jimmy Zhong to the Silk Road hack

all 29 comments
sorted by: hot top controversial new old
[–] InspiringOne@lemm.ee 1 points 1 day ago

The actual Silk Road goes south maybe a little to the east down Wayne Rd. And then south, south west curving all the way to Dakota and to Mongolia or China. It means the businesses aren’t legitimate, like anything can go on in them. Anything political about smoking is organized by the ones producing or selling it or was protested years ago and it stuck in people’s heads. Anything smoking related is like Silk Road. It’s also clothing and printing/copyright infringement related. Same with patents or anything. But weapons are sort of rare, but maybe not at the same time. It use to be more of an outdoor market or like flea market or Gibraltar trade center. This is why pot smoking still went on if it was entirely illegal. But it existed more with it medicinal. It’s also like a night thing. But shit it started in 2003. If no drugs were already being sold then no one smuggled them. Maybe it’s because different drugs were used like pills or different stimulants like MDMA or hallucinogens.

This is a long time ago now. It turned into a tech market, and pre 2014 or whenever chemicals and stuff for skincare or soaps and stuff. Without school and certain government or banking it gets really uncertain, this internet tech game thing is entirely new.

The drug Silk Road one, use to be here but it’s in like southeast Europe coming from India areas. But it does go almost around the whole world but roads do end at some point.

[–] Sigma_@lemmy.world 30 points 1 year ago

I'd completely forgotten this happened. Wild stuff.

[–] Stalinwolf@lemmy.ca 28 points 1 year ago* (last edited 1 year ago)

Those chicks loved him for his personality, too. What a bummer. Hope they wait for him to get out.

[–] jeffw@lemmy.world 24 points 1 year ago

In the end, Zhong didn’t get to keep the stolen bitcoin. The U.S. government seized those assets. Officials opened a process that allowed victims of the hack to apply to get their bitcoin back, according to a forfeiture document CNBC reviewed. Nobody came forward to claim the loot. That’s not surprising, given that users of Silk Road in 2012 were largely drug dealers and their customers.

Hilarious that they even tried

[–] Lemmylaugh@lemmy.ml 9 points 1 year ago (1 children)

Wonder what job offers awaits this guy once he’s free next year

[–] JDPoZ@lemmy.world 36 points 1 year ago* (last edited 1 year ago) (4 children)

Job offers?! HA.

You’re thinking too small. This has a fucking Adam McKay / Social Network Fincher movie adaptation written all over it.

If Zhong has not already been contacted by a hundred different ghost writers or publishers offering to write a book + movie / mini-series adaptation of his story, I’d be surprised.

This shit is just a more modern Catch Me If You Can / Wolf of Wall Street type situation - but with an arguably more sympathetic character - who gave his friends 10s of thousands of dollars to go on shopping sprees.

The amount of money he’ll make just from the royalties paid out for an adaptation of this would be enough to at least make back some significant portion of the money he stole.

Same as that piece of shit still doing speaking engagements from The Wolf of Wall Street.

People eat that shit up.

[–] Tandybaum@lemmy.world 3 points 1 year ago* (last edited 1 year ago)

I still want to see a badass version of the Kim Dotcom whole fiasco

[–] XTornado@lemmy.ml 2 points 1 year ago

But do you really need to pay him anything? I guess for mentioning the name and I guess that's a selling point.... But not even sure if that's needed, like if I make a movie about somebody's life what really need permission for? Their image? I mean if I have somebody different but same story would that count? Idk.. I never quite got an idea of exactly up to which point you need to deal with the person of the story or their family

[–] muntedcrocodile@lemmy.world 1 points 1 year ago

He also promoted a trypto scam. Guess some people never change

[–] arin@lemmy.world 8 points 1 year ago

The gov probably was working in the silk road and wanted their bitcoins back... Very sus investigation especially when no one came to claim the bitcoins...

[–] danielfgom@lemmy.world 6 points 1 year ago (1 children)

I don't see how the IRS had any jurisdiction in this case. Bitcoin is virtual currency which the Federal Reserve does not make. Technically you'd think the IRS could only come after you for physical printed money.

I can understand if they prosecuted him for actual cash they found which he hasn't paid tax on, but they have no right to take his digital bitcoin.

He needed a better lawyer.

[–] JustZ@lemmy.world 11 points 1 year ago* (last edited 1 year ago)

What are you talking about? IRS comes after you for taxes you don't pay on property and on all sorts of income. If you have a debt written off, that's taxable income. If you acquire a hard drive worth $3b, that's taxable income.

[–] Porka_911@sopuli.xyz 4 points 1 year ago (3 children)

Can someone summarise the story. God damn that was a long read and lost interest. What I gathered, Jimmy claimed a robbery of his bitcoins, who then transpired to be the robber?

[–] Wispy2891@lemmy.world 41 points 1 year ago (2 children)

He stole lots of Bitcoin by hacking silk road. One day someone stole a part of them (20 out of 50000) and he called the police which basically said though luck.

Meanwhile the us government was investigating on the theft and they noticed that he accidentally converted $800 from the stolen $3 billions using his real name.

They showed up at his home really friendly saying they're investigating about the Bitcoin theft and he opened everything. Unlocked his PC, showed them all the stash, then the liutenant specified which Bitcoin theft was investigating. Officers immediately placed a jigger on the unlocked PC to prevent automatic inactivity lock, guy was arrested.

Unfortunately the guy was one of the og Bitcoin devs in 2009 so he is filthy rich, got one year of prison for the crime of stealing those 3 billion dollars.

The us government said that anyone can ask back the stolen Bitcoin but nobody applied because those were dirty funds coming from the sales of drugs

[–] mycatiskai@lemmy.one 5 points 1 year ago

An odd part of this story is that he hired a PI to figure out who stole Bitcoin from him. The PI figured out who it likely was and told Jimmy, he refused to believe it because he was friends with the thief.

He just wanted to feel loved and have friends but they were all only there for the money and stuff he bought for them.

[–] Porka_911@sopuli.xyz 1 points 1 year ago

Thank you 👍

The article you referred to appears to delve into the actions and subsequent consequences faced by Jimmy Zhong, a 28-year-old computer expert from Athens, Georgia. The narrative begins when Zhong reports a theft of a substantial amount of cryptocurrency from his residence, leading to an investigation unveiling one of the most significant cryptocurrency crimes in history .

In 2012, an individual pilfered 50,000 bitcoins from Silk Road, an illicit dark web marketplace. The valuation of these stolen bitcoins soared over time to surpass $3 billion, marking one of the colossal mysteries within the cryptocurrency realm for many years. Nearly a decade post this heist, a grave mistake by the perpetrator enabled the IRS-Criminal Investigation division to resolve the case .

Jimmy Zhong, known for his partying tendencies and also for his exceptional computer skills, was the person behind this massive theft. His downfall was linked to his report about the crypto theft, which was a cover-up, and his robust digital home surveillance system which perhaps played a part in his identification .

Following his conviction in 2022, a raid on his Georgia residence led to the confiscation of approximately 50,676 bitcoins, then valued at over $3.36 billion. Zhong cooperated with the authorities and forfeited the stolen assets .

This tale highlights a significant event within the cryptocurrency community and demonstrates the long-term investigative efforts that can span several years before reaching a resolution.

This could definitely be a neat movie to watch. Also that PI was a badass. Only one leg and working her ass of on this investigation. Shame they never found the thief that set this all off