The secret life of Jimmy Zhong, who stole – and lost – more than $3 billion

[TheDawn]

The moral of the story:

1) If the perpetrator was really one of his friends, this proves that money does not buy you friends.

2) You CAN go to jail for stealing from criminals.

3) If you did something that you know somebody will come after you for, do NOT ever use facilities that require your real name and real address. If you do, you will get caught one day. If you want to be off the grid, you need to stay off the grid forever.

 

[ironchef]

https://www.cnbc.com/2023/10/17/crypto911.html

Livin' the Life until ....

I suspect there is another side of the story not told and that is why he was only sentenced to one year and a day in jail: He agreed to work for the USG.

 

[piezoe]

Sentenced to one year and one day.

The thing is, he stole them from a site on the dark web, and no one came forward to make a claim. I wonder what that portends...

Maybe they didn't get him on theft. Without identifying the rightful owner of the bit coins it seems they would have had to have convicted him on some charge other than theft.

Probably wire or tax fraud I would think?, or something like that. I doubt the IRS considers stolen income to be tax exempt.

§ 1343 criminalizes the devising of (or the intent to devise) any scheme to defraud or to acquire money or property under false pretenses, by use of some form of electronic communication (wire, radio, television, internet, or even instant messages and text messages) in interstate or foreign commerce.
​

 

[Frederick Foresight]

Maybe they didn't get him on theft. Without identifying the rightful owner of the bit coins it seems they would have had to have convicted him on some charge other than theft.

Probably wire or tax fraud I would think?, or something like that. I doubt the IRS considers stolen income to be tax exempt.

§ 1343 criminalizes the devising of (or the intent to devise) any scheme to defraud or to acquire money or property under false pretenses, by use of some form of electronic communication (wire, radio, television, internet, or even instant messages and text messages) in interstate or foreign commerce.
​

I was wondering more along the lines that if he stole from bad guys then might they pay him an unfriendly visit at some point to discuss their grievances.

 

[piezoe]

I was wondering more along the lines that if he stole from bad guys then might they pay him an unfriendly visit at some point to discuss their grievances.

Maybe it's not too late. Zhong's not anonymous now!

 

[maxinger]

This case reminds me of the very rich Malaysian Jho Low.

The big difference is that Jho Low is hiding in don't-know-where.
And he will continue to hide till the end of the time.