"The Rise and Fall of Jimmy Zhong: A $3 Billion Bitcoin Heist"

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Source: CNBC
"The Rise and Fall of Jimmy Zhong: A $3 Billion Bitcoin Heist"
Photo: CNBC
TL;DR Summary

Jimmy Zhong, a former bitcoin developer and party boy, reported the theft of hundreds of thousands of dollars in cryptocurrency from his home in Athens, Georgia. The investigation led to the discovery that Zhong was not only a victim but also a major bitcoin thief involved in the hacking of the Silk Road marketplace in 2012. Zhong's lavish lifestyle, funded by his stolen bitcoin, came to an end when law enforcement raided his home and seized millions of dollars worth of cryptocurrency. He was sentenced to one year and a day in federal prison for wire fraud. The stolen bitcoin was sold off by the government, and no victims came forward to claim the funds.

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