Jimmy Zhong: The Man Who Exploited a Crypto Glitch for Billions
In the vibrant college town of Athens, Georgia, James “Jimmy” Zhong, a seemingly typical student, was living a double life that would rival any cinematic thriller. His story is a tale of cunning, risk, and an audacious heist that remained a secret for years.
Known for his extravagant lifestyle, Zhong was a familiar figure in Athens’ bustling party scene. He wasn’t just another affluent college town resident; he was a man harboring a secret that would soon shake the foundations of the crypto world.
He taught himself programming and became an early adopter of Bitcoin, mining hundreds of coins which were initially worth almost nothing. In 2009, Jimmy lost the Bitcoin he mined but later recovered many of them. He also engaged in Bitcoin gambling and created a website similar to Bitcoin Ponzi. He gained a significant number of Bitcoins, but a hard drive failure led to the loss of about 5,000 coins.
The saga began in 2019 when Zhong reported a break-in at his home. He claimed someone stole $400,000 in cash and 150 BTC, a significant loss by any standard. But this was just the tip of the iceberg. The police report triggered an investigation that would peel back the layers of Zhong’s private life.
