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Bitcoin Trader Faces 20 Years In Prison

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February 16, 2018 11:41 PM

On Thursday, cryptocurrency dealer Joseph Kim was charged with one rely of wire fraud after allegedly stealing tens of millions of of bitcoin and Litecoin from his employer.

On February 15, 2018, federal prosecutors charged Joseph Kim with wire fraud. The 24-year-old worker of Chicago-based Consolidated Trading LLC is accused of stealing $2.06 million of bitcoin and Litecoin from the agency. If convicted, Kim faces as much as 20 years in jail.

An announcement by the Department of Justice explains, “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.”

Apparently, Kim transferred cryptocurrency holdings belonging to his agency to his personal accounts as a way to cowl private buying and selling losses accrued on overseas exchanges. At a look, it seems seemingly that Kim, who beforehand labored as a cryptocurrency dealer in South Korea, might have tried to revenue off the digital foreign money premium widespread to the South Korean markets.

In a written assertion, an agent for the Federal Bureau of Investigation quoted correspondence between Kim and the Consolidated Trading administration group.

“Until the end I was perversely trying to fix what I had already done,” Kim wrote to colleagues in an electronic mail dated November 29, 2017. “I can’t believe I did not stop myself when I had the money to give back, and I will live with that for the rest of my life. You have every apology I have to give, I am sorry to betray you all like this.”

Kim stated that he had no intent to steal, however the University of Chicago graduate is some severe jail time if discovered responsible.

Matthew is a author with a ardour for rising expertise. Prior to becoming a member of ETHNews, he interned for the U.S. Securities and Exchange Commission in addition to the OECD. He graduated cum laude from Georgetown University the place he studied worldwide economics. In his spare time, Matthew loves taking part in basketball and listening to podcasts. He presently lives in Los Angeles. Matthew is a full-time employees author for ETHNews.

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