How a Simple Glitch Made Jimmy Zhong a Bitcoin Billionaire
University of Georgia's computer had a withdrawal glitch. Double-clicking led to tricking the system into spilling millions. By creating fake accounts, he stole 51680 bitcoins worth $3.4 billion today
The Patient King
Zhong didn’t cash out. Instead, he watched his stash balloon as Bitcoin’s value soared.
In March 2019, Zhong dialled 911, hyperventilating: Thieves had stolen $600,000 in cash from his home. “I’m having a panic attack” he said
A Panicked 911 Call
By 2019, blockchain analysts spotted a slip: $800 of stolen Bitcoin moved to a regulated exchange requiring ID which had Zhong’s name.
IRS Tracks Digital Trails
On Nov 9, 2021, federal agents stormed Zhong’s mansion. Hidden in a Cheetos popcorn tin, they found 50,000 Bitcoin.
The Raid That Rocked Crypto
A Light SentenceZhong pleaded guilty, trading cooperation for a one-year sentence. He returned most coins, netting the U.S. government a $3 billion profit.