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Prosecutors Accuse Chicago Trader of $2 Million Crypto Theft

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A dealer at a Chicago agency has been charged with fraud after he allegedly misappropriated $2 million value of bitcoin and litecoin and lied about it to his employers.

According to the U.S. Attorney’s Office of the Northern District of Illinois, the dealer, Joseph Kim, was yesterday charged with wire fraud for misappropriating on the funds final autumn. Prosecutors say that he took “at least $2 million of the firm’s bitcoin and litecoin.”

Kim had labored as an assistant dealer for Chicago-based buying and selling agency Consolidated Trading LLC, which had not too long ago began cryptocurrency buying and selling.

The U.S. Attorney’s Office said:

“According to the complaint, from September through November 2017, Kim transferred more than $2 million of the trading firm’s Bitcoin and Litecoin to personal accounts to cover his own trading losses, which had been incurred while trading cryptocurrency futures on foreign exchanges. In order to conceal the transfers, Kim lied to the firm’s management about the location of the company’s cryptocurrency and his trading of the company’s cryptocurrency, the complaint states.”

The true nature of the thefts turned obvious in November, the workplace added. Kim is scheduled to make an preliminary courtroom look on Feb. 16, earlier than U.S. Magistrate Judge Daniel G. Martin in Chicago.

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