Joseph Kim, a year-old Chicago-based trader, is facing criminal charges for alleged wire fraud and bitcoin theft.. First of a Kind Crypto Fraud in Chicago. On February 15, , US Federal Prosecutors charged Kim with stealing over $2 million worth of bitcoin and litecoin from his employer, Consolidated Trading 24crypto.de to his arrest, Kim held the position of an assistant trader at the. A Chicago trader is facing up to 20 years in prison for stealing over $2 million in Bitcoin and Litecoin cryptocurrency from his employer. Most year-olds would be quite happy to be attached to a new cryptocurrency unit for a major financial entity. Chicago Algo, Quant, Bitcoin and Crypto-Currency Traders Chicago Futures Emini Trader Education Network traders Altcoin Chicago. Altcoin Chicago Altcoiners.
Chicago trader bitcoinChicago Trader Steals Over $2 Million in Bitcoin and Litecoin Cryptocurrency - Qoinbook News
Stealing Begins Almost Immediately The cryptocurrency group was created by Consolidated in September , and Joseph Kim joined the unit sometime during that month. Mike Crapo to Lobby for Libra. Stay connected. Latest News. South Korean Blockchain projects are ditching the domestic market due to regulatory headaches, mainstream media report. South Korean Blockchain Projects A bug could have lost the users of Coinbase a lot of money, confesses the exchange itself in its Your Cryptocurrency News Aggregator.
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Chicago Futurists. Chicago Futurists Futurists. Chicago Blockchain Center — Official Meetup. Hyperledger Chicago. Of that last amount, Kim lost a portion of it by personally trading. When eventually confronted over all the transfers, Kim admitted to investing in short future positions using 55 bitcoins.
He continued stealing cryptocurrency from the company to cover his margin calls, losses, and personal investments. After being arrested, Kim said that he was a degenerate gambler and admitted to converting the stolen Litecoin into Bitcoin for investment purposes.
In an email to his superiors at Consolidated, Kim said :. It was not my intention to steal for myself. I was perversely trying to fix what I had already done. Investment gambling is real, and cryptocurrency is just a new avenue for some to indulge in the practice.
The US Attorney has charged Joseph Kim with wire fraud, which could net him up to 20 years in prison. Kim has also made history, of a sort. Let us know in the comments below. Could you be next big winner?