Two years after James Zhong was apprehended for stealing 50,000 bitcoins from the dark web marketplace Silk Road in 2012, new details have emerged about the events leading to his arrest. Zhong, a computer expert, lived a lavish lifestyle with expensive cars, luxury hotels, and extravagant purchases. In March 2019, he reported a break-in at his home where 150 BTC worth hundreds of thousands of dollars were stolen. The police, unfamiliar with cryptocurrency cases, made no progress, prompting Zhong to hire a private investigator. Meanwhile, the IRS had been tracking the stolen bitcoins and discovered Zhong’s involvement. They collaborated with the police and approached Zhong under the guise of investigating his reported theft. During their search, they found evidence on his laptop, leading to his arrest. Zhong is currently serving a one-year sentence in federal prison, and the stolen assets are being sold by US authorities.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	James Zhong, Robin Martinelli
Companies	Binance, Athens-Clarke County Police Department, Silk Road, Internal Revenue Service Criminal Investigation unit, Chainalysis
Currencies	Bitcoin
Securities	None