Recently, a thief left a Philadelphia courtroom in shock after he admitted and bragged about stealing Bitcoin worth $40 million. According to charges imposed against him, Ted Rice, a 32-year-old, was suspected of breaking into the home of his girlfriend’s father in July last year. However, in a prolonged confession statement, Ted revealed that he had developed a mechanism that can divert Bitcoin to his account by interrupting transactions on the Bitcoin network.

Besides breaching the world’s largest blockchain network, Ted alleged that he had created hacking software for foreign governments. Surprisingly, Price revealed that he also owns a private jet and has a fake ID that bears the name of a popular movie star, Jeremy Renner who starred in the Hollywood blockbuster ‘Avengers' as ‘Hawkeye.' Price also disclosed that the purpose of the alternate identity was to elude the authorities when a search warrant is issued against him.

As expected, the confession was met by vehement opposition from Price's lawyer, Catherine Henry. Catherine insisted that the confession was impractical since her client was under investigation for petty theft, without a job and lived at his parent's home at the time. Therefore, it was not possible for Price to be a multi-million money launderer and cryptocurrency thief.

The prosecution side was equally shocked by the revelations in Ted’s confession. Precisely, they had doubts about the accused's technological prowess that would enable him to develop such advanced malware and attack a network as secure as the Bitcoin blockchain. Nonetheless, they charged him with theft after finding multiple Bitcoin addresses written in a document in his bag. As a result, Ted was sentenced for a 3-month jail term as further investigations continue. During the release hearing on July 10, US District Judge Timothy Savage questioned the technical capability of Ted Price.

In defense of her client, Ted's lawyer Catherine Henry argued that Price was high on oxycodone when making the confession statements. Furthermore, Catherine stated that Ted has a troubled past that involved mental issues and instances of drug abuse, factors that may have had a significant impact on the nature of his confessions. As a result, the prosecution withdrew the charges, only to file them a few days later after Ted was found with several credit card numbers, including one belonging to the father of the suspect’s girlfriend.

To date, federal officials have not confirmed whether they will follow up on the purported theft of Bitcoin worth $40 million.

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