The Man Who Stole Over 51,680 Bitcoin

GbitG

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Quote from: blue Snow on October 27, 2023, 11:02:49 PM

This story lesson to us to care about our privacy, especially for people who always use the centralization exchange..

For a cryptocurrency user, the most important thing to look at is privacy. I believe that no matter how much centralized exchanges claim to be secure and have strong privacy, it will not be inappropriate to trust them, because just as the accused was caught in a trap in this incident, any Mellitus person will be caught in the same way. By deducing the transaction history of the fool, he can return as a victim of his deception.

And above all, the second lesson is that centralized exchanges are insecure. To date, Binance, the largest exchange among exchanges, has also been hacked by hackers, so the rest is left to say. In addition to being hacked, centralized exchanges have the risk of bankruptcy, less certainty, and less privacy. So, it is better to use a hardware wallet to eliminate or reduce all these risks than to keep your funds in exchanges in an unsafe way rather than depending on others.

zaim7413

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Quote from: Adbitco on October 24, 2023, 04:18:11 AM

The question is are they still holding that volume of bitcoin he stole then till now or they have sold it? Because if they are holding till date I believe that will worth something very large, but if they sold out when it was nothing then I can see this story not to be attractive because people will be glad to hear how they managed to secure it till date. I would have clicked on the video to watch but I don't like clicking on everything I come across here with my mobile rather pc will be more better, just that I am only being mindful with the kind of links I clicked here.

I really understand your caution about links that can cause harm after clicking them. The only thing I know is that every link attached here is very safe for anyone to click, including the videos in Op. Attaching phishing links or links that can harm other users is not recommended on forums according to rule number 6.

Quote from: mprep on July 21, 2014, 01:27:51 PM

6. No linking to phishing or malware, without a warning and a valid reason.

The story in Op teaches us that evil will never last forever, there will come a certain time when someone must be responsible for what they did in the past.

Fundamentals Of

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Bitcoin OGs are men too. They commit mistakes, sometimes stupid mistakes. Sometimes they aren't careful enough. They also have accounts in centralized exchanges. And sometimes they too would undergo KYC process. Although they're probably strong Bitcoin believers, even contributing to Bitcoin's development, they too still find value in gold and other precious metals and even cash. And they diversify. And while some attaches certain virtues to Bitcoin, they could also do some stealing.

Quote from: franky1 on October 24, 2023, 05:17:03 AM

Quote from: Japinat on October 24, 2023, 04:14:25 AM

I thought this guy was Chinese, given his last name is Zhong.

he is asian. the screenshot above is not jimmy.. jimmy in the screenshot is hiding under a black jacket. the guy in blue is someone else

Which is what a Chinese is, Asian.

bayu7adi

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In the end, the cryptocurrency exchange that successfully unveiled Jimmy Zhong's identity emerged as a hero for American law enforcement. Regardless of the perspective one takes, theft is inherently wrong, even when it occurs on the shadowy and illegal darknet markets. Jimmy's actions remained criminal and perilous. With 51k BTC in hand, that's a huge amount. Even if Jimmy can protect his BTC using mixers or coin joins, wouldn't it be risky to sell it off in the market right now?

From this, we learn how crucial KYC is for both businesses and Bitcoin holders. At the very least, KYC ensures that stolen funds can be prevented with a slightly higher success rate than non KYC exchanges. And for individuals who prioritize privacy above all else, there are still Bitcoin mixers ready to lend a hand.

If we were in Jimmy's position, we might experience some regret, don't you think? After all, it's a substantial sum of money that could ease our financial concerns for at least a few years (with the current exchange rate).

Pi-network314159

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Quote from: Fivestar4everMVP on October 28, 2023, 11:34:07 AM

Quote from: Adbitco on October 28, 2023, 11:15:22 AM

Quote from: lixer on October 28, 2023, 10:52:51 AM

Quote from: Adbitco on October 24, 2023, 04:18:11 AM

The question is are they still holding that volume of bitcoin he stole then till now or they have sold it? Because if they are holding till date I believe that will worth something very large, but if they sold out when it was nothing then I can see this story not to be attractive because people will be glad to hear how they managed to secure it till date. I would have clicked on the video to watch but I don't like clicking on everything I come across here with my mobile rather pc will be more better, just that I am only being mindful with the kind of links I clicked here.

As far as I know, they decided to sell those bitcoins in portions, and I think they have sold 2 portions so far from that. They've even decided the timeframes of when they will sell the portions regardless of the price of the asset at that time which indicates that they don't really care about the money that much because if that was the case, they could hold them up until the market goes up and then sell them to get more money out of the assets instead of doing this.

However, coming back to the topic, I believe the guy did what everyone would have done if they had gotten the opportunity because you can't refuse money when you don't already have a lot of it, it's just that he made a few mistakes along the way which got him caught, otherwise, he would have been living the dream life he might have thought about.

If calculating based on the time it happened we can say that they have sold or still holding but what most people don't still get from this is that, if he wasn't caught till date I don't think he would have still own such volume of bitcoin but what got him tracked down was the act of sending to exchange without knowing too well that he is on a target and I believe any hack that happened within any exchange and the funds moved out the exchange owner might likely put the address that stole the money in a watchlist to monitor the movement and operation of that wallet and if it happens that those funds are being sent to reputable exchange then I don't think such person can escape from being caught.

You are right and I completely agree with you, for this guy though, like I believe that I have mentioned before, according to the video, he has been using mixers and coin join services to move and sell those bitcoins, don't know what actually went wrong with him to have decided to with mixers move $800 worth of bitcoin to an exchange where he probably knows that kyc is mandatory.
Well, the video didn't mention whether he moved the bitcoin to the exchange through a mixer service, but I guess if he had done that, maybe he wouldn't have been caught.

The video didn't actually say that moving the coins and goin through kyc is the reason why he was caught, in the video, it was said that he calling 911 was actually what got him in the trail of the police in the first place, so if he hadn't called 911 to report his stolen money, he probably would have still be safe even after moving those bitcoin to an exchange and going through the kyc process.

I don't think so. If he didn't call 911 to report his stolen money I think he would still have been aprihended, because the kyc will still involves his identity except he left the $800 worth if Bitcoin there in that exchange. This is another problem of custodiall wallet. It's only a custodiall wallet that will ask for kyc. He just made a very big mistake but I still doubt that it's the call he made by reporting to the police of his stolen money that got him arrested. I think maybe the kyc he submitted with his identity which the Bitcoin address was under whatch list. Maybe from there dey discover that it was him. Probably he didn't call the police again because he has gotten his money back that's why he became more suspicious.

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Quote from: Japinat on October 24, 2023, 04:14:25 AM

I thought this guy was Chinese, given his last name is Zhong. But his action was careless because one wrong move, and that $3 billion, at the current price, ends up in the possession of the US government. He probably wasn't fully aware of the potential consequences of his actions at the time because he made a move that could trace his wallet for an $800 withdrawal only. I'm not sure if what they found as evidence against him is entirely accurate because based on his actions, he seems like just a regular guy who, due to a lack of knowledge about the law, made a mistake.

But the good news is that he was sentenced to "one year and one day in federal prison." He's probably regretting it big time, especially watching how Bitcoin has grown since. This article coming out during the bull run must be haunting him even more.

Meh, I don't really think so. After spending a good amount of time in this industry I knew for certain that there are certain people who are more than happy to diversify their wallets and keep a stash with them secluded on a spot only they would know. The government may have found his 50000 bitcoins or whatever, but the thing is, Silk road was a massive thing in the dark web, acting as its own de facto version of E-bay. So I'm guessing he has a stash hidden somewhere only he would know and he's probably sitting comfortably on a hundred or thousands of bitcoin. He's smart enough to think that this may happen to him one day, he probably got it figured out to a t as well.

Dreadpirateroberts 2,0

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I love learning and using theoretical constructs to better understand the world around me. Naturally therefore, I studied physics in college and worked as a research scientist for five years. I published my findings in peer reviewed journals five times over that period, first on organic solar cells and then on EuO thin-film crystals. My goal during this period of my life was simply to expand the frontier of human knowledge.

Now, my goals have shifted. I want to use economic theory as a means to abolish the use of coercion and agression amongst mankind. Just as slavery has been abolished most everywhere, I believe violence, coercion and all forms of force by one person over another can come to an end. The most widespread and systemic use of force is amongst institutions and governments, so this is my current point of effort. The best way to change a government is to change the minds of the governed, however. To that end, I am creating an economic simulation to give people a first-hand experience of what it would be like to live in a world without the systemic use of force.

carlfebz2

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Quote from: Fivestar4everMVP on October 28, 2023, 11:34:07 AM

Quote from: Adbitco on October 28, 2023, 11:15:22 AM

Quote from: lixer on October 28, 2023, 10:52:51 AM

Quote from: Adbitco on October 24, 2023, 04:18:11 AM

The question is are they still holding that volume of bitcoin he stole then till now or they have sold it? Because if they are holding till date I believe that will worth something very large, but if they sold out when it was nothing then I can see this story not to be attractive because people will be glad to hear how they managed to secure it till date. I would have clicked on the video to watch but I don't like clicking on everything I come across here with my mobile rather pc will be more better, just that I am only being mindful with the kind of links I clicked here.

As far as I know, they decided to sell those bitcoins in portions, and I think they have sold 2 portions so far from that. They've even decided the timeframes of when they will sell the portions regardless of the price of the asset at that time which indicates that they don't really care about the money that much because if that was the case, they could hold them up until the market goes up and then sell them to get more money out of the assets instead of doing this.

However, coming back to the topic, I believe the guy did what everyone would have done if they had gotten the opportunity because you can't refuse money when you don't already have a lot of it, it's just that he made a few mistakes along the way which got him caught, otherwise, he would have been living the dream life he might have thought about.

If calculating based on the time it happened we can say that they have sold or still holding but what most people don't still get from this is that, if he wasn't caught till date I don't think he would have still own such volume of bitcoin but what got him tracked down was the act of sending to exchange without knowing too well that he is on a target and I believe any hack that happened within any exchange and the funds moved out the exchange owner might likely put the address that stole the money in a watchlist to monitor the movement and operation of that wallet and if it happens that those funds are being sent to reputable exchange then I don't think such person can escape from being caught.

You are right and I completely agree with you, for this guy though, like I believe that I have mentioned before, according to the video, he has been using mixers and coin join services to move and sell those bitcoins, don't know what actually went wrong with him to have decided to with mixers move $800 worth of bitcoin to an exchange where he probably knows that kyc is mandatory.
Well, the video didn't mention whether he moved the bitcoin to the exchange through a mixer service, but I guess if he had done that, maybe he wouldn't have been caught.

The video didn't actually say that moving the coins and goin through kyc is the reason why he was caught, in the video, it was said that he calling 911 was actually what got him in the trail of the police in the first place, so if he hadn't called 911 to report his stolen money, he probably would have still be safe even after moving those bitcoin to an exchange and going through the kyc process.

Calling up 911 with using your own home phone? thats suicide or even using up your own sim? We know that nowadays that there are places on which sim cards does have that particular KYC or verification on which means that if you do really show up those kind of information then pretty sure you are really that throwing up yourself into them. For those who had made out these huge stealing
then it would really be that impossible that you wont really be that caring about your identity on which you would really be that be careful on whatever transactions you would really be able to do.
One mistake then you would really be ending up on prison on which you do really know and you arent that blind on that one.

For using up mixers then he might really be able to get out but of course there's no way that you would assure though because any transactions could really be able to
stop or would be halted if ever you are really that being traced up. So if you do get caught and if its bailable then you could really be
able to say that this wont really be that a problem.

Wiwo

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Quote from: someoldcoins on October 27, 2023, 02:07:24 PM

maybe he receive short time in prison because the us authorities had hard feelings over silk road case (so they didn't see victim when btc was stolen ) they all thieves including fbi.

The outlaws have outperform them and at this point it obviously clear that most of the court sentence are lesser for financial crimes, I also notice this in my region where most of the guys that are involved in internet-related crimes are given lesser sentences or even a our nut as a fine to be paid against prison time sentence.

These things have affected the impact and extent of the law in some cases and at some point we have to realize that the federal laws have a lot of lip-hols most especially when it comes to assets and itseits management, or what has been taken in terms of decentralized assets, most at times the law officers are all involved in this corruption sentencing since there may have collected a lot from the criminals and do not account to them in the court of law.

abel1337

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Imagine how successful you are on stealing thousands of bitcoin but you failed on a simple thing that every hacker in our current time won't do which is KYC. Hackers or any person who knows that their bitcoin or assets aren't clean are scared or won't even try submitting KYC (atleast their own identity). There are different ways to sell those bitcoin, maybe he's just desperate at that time to sell his bitcoin that why he submitted a KYC. I wonder if other of the asset that he has on that vault aside from cryptos was stolen.

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Quote from: Adbitco on October 28, 2023, 11:15:22 AM

If calculating based on the time it happened we can say that they have sold or still holding but what most people don't still get from this is that, if he wasn't caught till date I don't think he would have still own such volume of bitcoin but what got him tracked down was the act of sending to exchange without knowing too well that he is on a target and I believe any hack that happened within any exchange and the funds moved out the exchange owner might likely put the address that stole the money in a watchlist to monitor the movement and operation of that wallet and if it happens that those funds are being sent to reputable exchange then I don't think such person can escape from being caught.

I would say that if he was a smart person who did this knowing what they did, they would have probably used a p2p situation and a high quality mixer to avoid this kind of result. Obviously he wasn't really that smart and basically ended up being incredibly stupid to make a move like this.

Crypto is filled with people who ended up with a lot of lucky get rich stories, like people who got money because someone else sent to wrong address type of situation, those people don't know what to do. This of course is a huge number and makes people question the situation, but the reality is that we are going to end up with a situation that could be a little bit more riskier and wouldn't have caught if it was a smarter hacker or something.

kryptqnick

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This perhaps presents a nice case of a rare occasion when someone made a huge mistake and, thanks to KYC, actually got caught. I like it how his sentence was so low (in addition to funds getting seized, of course), but I don't get why Ross Ulbricht is still in prison for a crime from which nobody suffered directly (there was no violence and even no theft involved).
This guy was extremely careless, though, as he was living a lavishing lifestyle with private jets and parties, aged 28, with no explanation of the source of income. I'm surprised why he wasn't caught earlier. And wait, the video says that he actually got caught because of calling 911 when he got robbed. To me, it doesn't quite add up with the KYC $800 thing, so maybe the KYC wasn't important after all.

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Quote from: Adbitco on October 28, 2023, 11:15:22 AM

Quote from: lixer on October 28, 2023, 10:52:51 AM

Quote from: Adbitco on October 24, 2023, 04:18:11 AM

The question is are they still holding that volume of bitcoin he stole then till now or they have sold it? Because if they are holding till date I believe that will worth something very large, but if they sold out when it was nothing then I can see this story not to be attractive because people will be glad to hear how they managed to secure it till date. I would have clicked on the video to watch but I don't like clicking on everything I come across here with my mobile rather pc will be more better, just that I am only being mindful with the kind of links I clicked here.

As far as I know, they decided to sell those bitcoins in portions, and I think they have sold 2 portions so far from that. They've even decided the timeframes of when they will sell the portions regardless of the price of the asset at that time which indicates that they don't really care about the money that much because if that was the case, they could hold them up until the market goes up and then sell them to get more money out of the assets instead of doing this.

However, coming back to the topic, I believe the guy did what everyone would have done if they had gotten the opportunity because you can't refuse money when you don't already have a lot of it, it's just that he made a few mistakes along the way which got him caught, otherwise, he would have been living the dream life he might have thought about.

If calculating based on the time it happened we can say that they have sold or still holding but what most people don't still get from this is that, if he wasn't caught till date I don't think he would have still own such volume of bitcoin but what got him tracked down was the act of sending to exchange without knowing too well that he is on a target and I believe any hack that happened within any exchange and the funds moved out the exchange owner might likely put the address that stole the money in a watchlist to monitor the movement and operation of that wallet and if it happens that those funds are being sent to reputable exchange then I don't think such person can escape from being caught.

You are right and I completely agree with you, for this guy though, like I believe that I have mentioned before, according to the video, he has been using mixers and coin join services to move and sell those bitcoins, don't know what actually went wrong with him to have decided to with mixers move $800 worth of bitcoin to an exchange where he probably knows that kyc is mandatory.
Well, the video didn't mention whether he moved the bitcoin to the exchange through a mixer service, but I guess if he had done that, maybe he wouldn't have been caught.

The video didn't actually say that moving the coins and goin through kyc is the reason why he was caught, in the video, it was said that he calling 911 was actually what got him in the trail of the police in the first place, so if he hadn't called 911 to report his stolen money, he probably would have still be safe even after moving those bitcoin to an exchange and going through the kyc process.

Adbitco

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Quote from: lixer on October 28, 2023, 10:52:51 AM

Quote from: Adbitco on October 24, 2023, 04:18:11 AM

The question is are they still holding that volume of bitcoin he stole then till now or they have sold it? Because if they are holding till date I believe that will worth something very large, but if they sold out when it was nothing then I can see this story not to be attractive because people will be glad to hear how they managed to secure it till date. I would have clicked on the video to watch but I don't like clicking on everything I come across here with my mobile rather pc will be more better, just that I am only being mindful with the kind of links I clicked here.

As far as I know, they decided to sell those bitcoins in portions, and I think they have sold 2 portions so far from that. They've even decided the timeframes of when they will sell the portions regardless of the price of the asset at that time which indicates that they don't really care about the money that much because if that was the case, they could hold them up until the market goes up and then sell them to get more money out of the assets instead of doing this.

However, coming back to the topic, I believe the guy did what everyone would have done if they had gotten the opportunity because you can't refuse money when you don't already have a lot of it, it's just that he made a few mistakes along the way which got him caught, otherwise, he would have been living the dream life he might have thought about.

If calculating based on the time it happened we can say that they have sold or still holding but what most people don't still get from this is that, if he wasn't caught till date I don't think he would have still own such volume of bitcoin but what got him tracked down was the act of sending to exchange without knowing too well that he is on a target and I believe any hack that happened within any exchange and the funds moved out the exchange owner might likely put the address that stole the money in a watchlist to monitor the movement and operation of that wallet and if it happens that those funds are being sent to reputable exchange then I don't think such person can escape from being caught.

lixer

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Quote from: Adbitco on October 24, 2023, 04:18:11 AM

The question is are they still holding that volume of bitcoin he stole then till now or they have sold it? Because if they are holding till date I believe that will worth something very large, but if they sold out when it was nothing then I can see this story not to be attractive because people will be glad to hear how they managed to secure it till date. I would have clicked on the video to watch but I don't like clicking on everything I come across here with my mobile rather pc will be more better, just that I am only being mindful with the kind of links I clicked here.

As far as I know, they decided to sell those bitcoins in portions, and I think they have sold 2 portions so far from that. They've even decided the timeframes of when they will sell the portions regardless of the price of the asset at that time which indicates that they don't really care about the money that much because if that was the case, they could hold them up until the market goes up and then sell them to get more money out of the assets instead of doing this.

However, coming back to the topic, I believe the guy did what everyone would have done if they had gotten the opportunity because you can't refuse money when you don't already have a lot of it, it's just that he made a few mistakes along the way which got him caught, otherwise, he would have been living the dream life he might have thought about.

blue Snow

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Quote from: Fivestar4everMVP on October 24, 2023, 04:07:09 AM

Over the years, the value of those stolen Bitcoins skyrocketed to more than $3 billion. However, he made a small mistake and transferred approximately $800 in funds to a cryptocurrency exchange which then asked him to go through a KYC process that required the account holder's real name and address, Jimmy did and this was how his downfall began.

Why he didn't use the mixer or coin join to hide the transaction?. I think he was very careless did not think this way, and was very confident in doing the transaction on the KYC exchange. but I also don't respect to him, and no matter how great he is stole a thousand BTC. I'm grateful he was arrested, and I don't care where he kept the rest of BTC. This story lesson to us to care about our privacy, especially for people who always use the centralization exchange, because we can't hide our identity if we have registered where must proof the KYC.

Dr.Bitcoin_Strange

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Reading through the story, the first lesson to learn is to be aware that KYC is a risk that can cause one to lose their assets in some circumstances. What if the government wants to cease every individual asset? That means they can just connect with some of this centralized exchange and get every user's KYC details, and they can just go ahead and do whatever they want with the information. They can even keep tracking the wallet-to-wallet transactions of users until they have gotten the information they want before they can decide to act. Well, Jimmy caused it all for himself; he hijacked a huge amount of Bitcoin from that exchange. He should have use any of the available Bitcoin mixers, as at that time, he would have mixed those Bitcoins and transferred them to different wallets. Then, he would have only transferred a small amount of the bitcoin to a wallet that he could use as his hot wallet. If he had done so, despite the fact that he passed that KYC, I don't think they would have known that there was a huge sum of bitcoin in his wallet. He made a big mistake.

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I think the OP might not have been aware that he was referring to a forum member called Loaded who created a thread asking to swap his BCH for BTC when the fork was about to take place: @RogerVer lets make a deal. At least 60k, my BTU for your BTC.

The whole story about him being an awkward and shy individual with low-confidence who tried to buy friends and friendships by lavishing BTC and wealth from BTC on people he wanted to like him. The fact he received just a year in jail as the sentence when he was in possession of over 51,000 Bitcoin means the Courts took everything in context before passing the sentence.

someoldcoins

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maybe he receive short time in prison because the us authorities had hard feelings over silk road case (so they didn't see victim when btc was stolen ) they all thieves including fbi.

Oneandpure

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Regarding with this history, how many bitcoin left or holding by Jimmy Zhong during he have stole Over 51,680 Bitcoin and seems small approximately $800 values used for depositing in exchange account. I am excited to know continues of this story exactly with some assets left due Jimmy Zhong have stole many bitcoin but there are possibility hold left his bitcoin assets without take access by the IRS agents? I afraid when have hacking cases get under arrested there are not transparent about fund of how many bitcoin confiscated by Policemen due many hacker success arrested but they not talk about bitcoin fund have been in their wallet.

Its excited to hear if Jimmy Zhong can answer with public question about his bitcoin left, still in his wallet or have been confiscated by Policemen.

Topic: The Man Who Stole Over 51,680 Bitcoin (Read 463 times)