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Chicago Trader Robbed $2mln worth Cryptocurrency from his Employer firm

Feb 19, 2018 Posted /  1910 Views

Chicago Trader Robbed $2mln worth Cryptocurrency from his Employer firm

Cryptocurrency crimes do not seem to end any soon as the US federal has revealed that a Chicago man stole $2 million of Bitcoin and Litecoin from a trading firm to cover his gambling losses. The case is first of its kind in Chicago as Joseph Kim, an employee of Chicago based Consolidates Trading LLC was charged with cryptocurrency fraud in the firm where he was working himself.

"Over a two-month period in the fall of last year, Kim misappropriated at least $2 million of the firm's Bitcoin and Litecoin cryptocurrency for his own personal benefit, and he made false statements and representations to the company's management in order to conceal the theft, according to the complaint," the Attorney’s General office stated in a statement.

The criminal complaint registered against Joseph Kim, 24, states that the young employee transferred the Company's cryptocurrency worth $2 mln from the company's corporate accounts to his personal bank accounts in order to pay for his trading losses in the period from September to November 2017.

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Consolidated Trading LLC had only formed the cryptocurrency unit in September last year and Kim joined the company in the same month. Interestingly, the employer had found out about the little fraud is happening in the first weekend of his work in the firm and was given a warning. However, despite being reprimanded and ordered to close his personal cryptocurrency accounts to avoid conflict of interests, Kim transferred some $48000 to his Litecoin “personal digital wallet for safety reasons.”

In November, Kim was cross-questioned again and he admitted in an email to his employer about the fraud, testifying that he did not steal cryptocurrencies for himself.

"Until the end, I was perversely trying to fix what I had already done," ABC cites Kim as writing. The trader later on also confessed that he was ashamed of what he has done and will have to live with this burden rest of his life.

US Federal has summoned Kim to appear in court and it is expected that his first hearing will come on, Kim will be convicted soon and face “reasonable sentence under federal statutes and the advisory U.S. Sentencing Guidelines,” as per the attorney’s general office words.


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