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

  • danielfgom@lemmy.world
    link
    fedilink
    English
    arrow-up
    12
    arrow-down
    6
    ·
    1 year ago

    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.

    • 【J】【u】【s】【t】【Z】@lemmy.world
      link
      fedilink
      English
      arrow-up
      12
      arrow-down
      1
      ·
      edit-2
      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.