Geeky crypto thief, 32, jailed for hiding $3billion in Bitcoin in popcorn tin - page 3.

Dr.Bitcoin_Strange

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Quote from: pawel7777 on April 19, 2023, 05:06:29 PM

Because the site was highly illegal and its operator (Ross Ulbricht) is serving a double life time.

LOL, So in this case, the federal government will be benefiting from all that Bitcoin. It's really a big catch. And the guy who stole the bitcoin must really be so unknowledgeable on how to go about those bitcoins he stole. Sending Bitcoin to Coinbase (a centralized exchange) from a wallet that holds about 50,000 bitcoins was so unwise of him, and there was not even a reasonable thing he was using the money for. Well, this should serve as a lesson for people who solely depend on trading their bitcoin on centralized exchanges. If a person holds such an amount of bitcoin in their custody, it's supposed not to be sent to all kinds of platforms because it can be tracked. And Coinbase is an exchange that also saves user IP addresses, so I believe it was not even difficult to catch the guy.

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Quote from: pawel7777 on April 19, 2023, 05:06:29 PM

Quote from: odolvlobo on April 19, 2023, 04:43:01 PM

The headline is misleading. He was not jailed for hiding bitcoins.

I know. I didn't make the headline.

But you can make yours, too. It's not a must that the headline should be the exact one as that from the source. Wink

I am not surprised, it's an article from dailymail.co.uk with their usual stupid headlines that are nothing but clickbaits.

Basically, a hard drive that may have had the addresses containing Bitcoins was stashed in a popcorn tin. Let him serve his sentence, I have no pity for thieves, scammers, or hackers.

panganib999

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What a fucking moron that guy. Stealing bitcoins and instead of using it for something worthwhile like idk, doing something about his physique (no fatshaming), he used it to tip hoes? That was rich.
Classic old case of "If I have more money more girls will talk to me", although wouldn't really put that much blame to him since he admitted to his crimes and because well, he's mentally disabled.

Quote from: Dr.Bitcoin_Strange on April 19, 2023, 04:44:03 PM

Quote from: pawel7777 on April 19, 2023, 03:50:26 PM

Hmm, could it be that this has something to do with Bitcoin struggling to keep above the $30k?

why not ask for those bitcoins to be returned to the exchange or platform they were stolen from?

Something something legislations, they need to liquidate the assets first in order to properly audit it and file on their reports, AFAIK they also need to determine the exact denomination of the coins in today's dollar value which is why they are also converting bitcoins into cash.

pawel7777

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Quote from: odolvlobo on April 19, 2023, 04:43:01 PM

The headline is misleading. He was not jailed for hiding bitcoins.

I know. I didn't make the headline.

Quote from: arwin100 on April 19, 2023, 04:58:03 PM

This is huge amount and this is really crazy knowing that how those platforms could easily get stolen such huge amount of money out of their platform.

Bitcoin was trading much lower back then when he stole it.
But shame on him for not destroying that popcorn tin before cops got their hands on it...

Quote from: Dr.Bitcoin_Strange on April 19, 2023, 04:44:03 PM

why not ask for those bitcoins to be returned to the exchange or platform they were stolen from?

Because the site was highly illegal and its operator (Ross Ulbricht) is serving a double life time.

arwin100

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He was not jailed for hiding but rather for stealing bitcoins. This is huge amount and this is really crazy knowing that how those platforms could easily get stolen such huge amount of money out of their platform.

He just is victim of his need because for wanting to have luxurious lifestyle and slept with different woman he do this crime which is totally crazy act to do by certain people.

If that amount stolen will be back on its original destination maybe we can see a good effect to the market.

Dr.Bitcoin_Strange

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Quote from: pawel7777 on April 19, 2023, 03:50:26 PM

Hmm, could it be that this has something to do with Bitcoin struggling to keep above the $30k?

OP, to save me the stress, you did not post the link to the thread here.

Well, it's really a huge amount that was pulled from the Bitcoin market cap, which I think is a reason why the price dropped. but this case looks unfair to me. Instead of the government selling the bitcoin, why not ask for those bitcoins to be returned to the exchange or platform they were stolen from?

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The headline is misleading. He was not jailed for hiding bitcoins.

pawel7777

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I posted this yesterday in "Press", but this story surely deserves a topic on the main board.

Geeky crypto thief, 32, jailed for hiding $3billion in Bitcoin in popcorn tin admitted to trying to use the cash to score women - as government offloads stolen gains on Coinbase
https://www.dailymail.co.uk/news/article-11985885/Bitcoin-scammer-admits-using-money-stolen-gains-impress-women-hes-sentenced-year.html

In short, an autist has been sitting for 10 years on a bitcoin stash worth over $3 billion, cashing out parts of it to try to impress hoes. That's a pathetic story and shows how miserable life without a higher purpose is even if you have tonnes of money. But there's also other interesting mention there:

Quote

The government sold it on cryptocurrency exchange Coinbase – just like millions of other crypto traders, who have been characterized as 'degenerates' and basement-dwelling geeks in the past three years since digital currencies took off in popularity.

The only difference was size. The government's transaction was for 9,861 Bitcoin, sold for a total $215,738,155.

'There remains approximately 41,490.72 BTC, which the Government understands is expected to be liquidated in four more batches over the course of this calendar year,' Felton wrote in a sentencing memo for Zhong filed on March 31.

Hmm, could it be that this has something to do with Bitcoin struggling to keep above the $30k?

Topic: Geeky crypto thief, 32, jailed for hiding $3billion in Bitcoin in popcorn tin - page 3. (Read 487 times)