this post was submitted on 18 Oct 2023
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237
The secret life of Jimmy Zhong, who stole – and lost – more than $3 billion (www.cnbc.com)
submitted 1 year ago by [email protected] to c/[email protected]
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The secret life of Jimmy Zhong, who stole – and lost – more than $3 billion::CNBC obtained never-before-seen body camera footage that shows how investigators linked Jimmy Zhong to the Silk Road hack

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[–] [email protected] 6 points 1 year ago (1 children)

I don't see how the IRS had any jurisdiction in this case. Bitcoin is virtual currency which the Federal Reserve does not make. Technically you'd think the IRS could only come after you for physical printed money.

I can understand if they prosecuted him for actual cash they found which he hasn't paid tax on, but they have no right to take his digital bitcoin.

He needed a better lawyer.

[–] [email protected] 11 points 1 year ago* (last edited 1 year ago)

What are you talking about? IRS comes after you for taxes you don't pay on property and on all sorts of income. If you have a debt written off, that's taxable income. If you acquire a hard drive worth $3b, that's taxable income.