Three Billion Dollars Found in a Popcorn Tin

Displeased black woman participating in anti racism demonstrations and shouting through megaphone.
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In September of 2012 James Zhong used a hack to steal approximately 50,000 bitcoin from the dark web’s Silk Road. Yesterday the US Attorney announced that just last year they had arrested Zhong and  recovered almost all of the stolen bitcoin. Here’s the amazing bit:

On November 9, 2021, pursuant to a judicially authorized premises search warrant (the “Search”), IRS-CI agents recovered approximately 50,491.06251844 Bitcoin of the Crime Proceeds from ZHONG’s Gainesville, Georgia, house.  Specifically, law enforcement located 50,491.06251844 Bitcoin of the approximately 53,500 Bitcoin Crime Proceeds (a) in an underground floor safe; and (b) on a single-board computer that was submerged under blankets in a popcorn tin stored in a bathroom closet.

At the time the Bitcoin was worth $3 billion dollars. Lots to think about here. Are they going to give the money back to Silk Road users? Will they burn it? If not isn’t this just seignorage going to the US government? How can you walk by $3 billion in your closet every day and not spend it? What willpower! Why didn’t Zhong move to say Morocco?

The post Three Billion Dollars Found in a Popcorn Tin appeared first on Marginal REVOLUTION.

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