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An incredible story has surfaced after the Department of Justice (DoJ) announced that it seized more a record-breaking 50,000 Bitcoin (worth US$1.13 billion today) linked to the dark web marketplace Silk Road following the arrest of a guy called ‘James Zhong’ in Georgia.
But wait, it gets better.
As reported by Protos, the police only discovered the stolen Bitcoin (BTC) after Zhong called the police to “report a burglary” back in 2019. He told police at the time that a number of different valuables had been stolen, including “a lot of Bitcoin”.
Apparently this was enough to get investigators from the Internal Revenue Service (IRS) interested, and through a mix of “cutting edge crypto tracing” and “good old fashioned police work” they managed to link Zhong to a major financial crime that occurred 10 years ago.
$1 billion in Bitcoin stashed in a “popcorn tin”
So where does one keep more than $1 billion worth of stolen Bitcoin? For Zhong, the best place was in the bottom of a “popcorn tin” hidden under a bunch of blankets in a floor safe, which investigators claim wasn’t exactly too hard to find.
Tom Mitchelhill is the Cryptocurrency Reporter at The Chainsaw.
Previously, Tom worked on the Australian newsdesk at Cointelegraph, collaborating with reporters and investors from around the world. He also founded his own crypto & Web3 copywriting agency called CoinCopy.
Tom’s academic background features two degrees, majoring in Philosophy, Economics and International Relations. He’s now been involved in the crypto industry for more than 3 years.