Theodore Price’s story is definitely an interesting one. The 30-year-old man from Montgomery County recently told federal authorities he stole between $40 and $50 million worth of bitcoin, after he was arrested for stealing two laptops and a gold necklace. If true, he is responsible…
Theodore Price’s story is definitely an interesting one. The 30-year-old man from Montgomery County recently told federal authorities he stole between $40 and $50 million worth of bitcoin, after he was arrested for stealing two laptops and a gold necklace. If true, he is responsible for one of the biggest cryptocurrency heists in history.
Reportedly, Price first started using Tor to purchase things online through the darknet market AlphaBay. There, he bought software he recoded himself to mimic the code used to create bitcoin wallets, effectively diverting funds to his wallets without other users knowing.
Price confessed to the crime after his ex-girlfriend found 105 printed pages filled with alphanumeric bitcoin keys in his laptop bag, after she merely tried to confront him for stealing her parents laptops.
Whether the story is true or not remains a mystery. Price, according to reports, was a jobless addict who relied on his parents to move around. Allegedly, he was even high on oxycodone and other opioids at the time of his confession. So much so that his attorney, Catherine C. Henry, waived a probable-cause hearing because of the circumstances of his confession.
At first, prosecutors charged Price for other crimes, relating to stolen credit card information found in his possession when he was arrested for the laptop theft. During a hearing on Thursday, his defense agreed there was enough evidence to hold him on these charges. Nonetheless, if enough evidence is gathered, a case may be also presented for the bitcoin theft, despite the possibility of the whole thing being made up.
Reports also show that moments before authorities arrived at Price’s house, he had a fake passport in the name of actor Jeremy Renner, and was allegedly planning on fleeing the United States.
Catherine C. Henry, his lawyer, maintains that there is little evidence to support that Price has access to the millions worth of bitcoin he claims to have stolen. While arguing about Price’s release from a detention center, she stated:
If he is a millionaire and has a private jet, then of course he’s a flight risk. But if that’s made up and if, on the other hand, he has no income, lives with his parents, and has a 7-year-old child, then these are just grandiose statements.
Theodore Price is currently being held at the federal detention center in Philadelphia without bail. He could face up to 15 years if convicted.
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Last modified: January 10, 2020 3:00 PM UTC