Jimmy Zhong, a digital currency giant who once earned $3.4 billion with his keen insight and technical talent, lost everything because of a single thought. What kind of ups and downs is this story? 🧵👇
In 2012, Jimmy Zhong discovered a vulnerability in the code of Silk Road, a secretive drug market that traded in Bitcoin. This discovery allowed him to easily obtain 51,680 Bitcoins. However, the FBI has been tracking this huge amount of money.
For more than ten years, Jimmy lived a life of extravagance and successfully concealed the true ownership of these bitcoins. Unfortunately, due to his own mistake, the FBI finally revealed the truth.
The government confiscated all his wealth and Jimmy was sent to prison.
After studying the case in depth, it is difficult for me to judge whether he is guilty or not. But the story is undoubtedly full of attraction and it also brings us profound lessons👇
However, it was not until 2011 that he remembered the bitcoins he had mined because of the surge in bitcoin prices. By then, the value of bitcoin had risen to $30 per coin, but unfortunately
So Jimmy became one of the first people to mine Bitcoin using a laptop, and he had lost his wallet.
Despite this, Jimmy decided to actively participate in the Bitcoin community. He registered an account on Bitcoin Talk and used a pseudonym inspired by his dream car, the Mercedes-Benz 300 SD.
In addition to mining Bitcoin, Jimmy also developed a keen interest in gambling and created his own website to make money. More importantly, he successfully recovered most of the Bitcoins he mined in 2009.
For the next six years, Jimmy held parties every week and reveled until he passed out. However, as an active Internet user, he also learned about Silk Road, a notorious website that traded drugs with Bitcoin.
Unfortunately, Jimmy's one wrong decision led to a twist of fate. Within a year of the mistake, the police raided his home. In the lakeside mansion, they found $700,000 in cash and 25 Cassius coins worth 174 Bitcoins. But the most shocking discovery was a Cheetos popcorn can, which contained a computer storing all of Jimmy's Bitcoins.
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While browsing a programming forum, Jimmy came across a post about the emerging digital currency Bitcoin. With his excellent programming skills, he immediately realized the huge potential of this technology.