American Trader Accused of 2 Million Crypto Theft

February 19, 2018

A trader from a Chicago-based firm Consolidated Trading LLC is charged with a misappropriation of BTC and LTC worth $2 million. He lied his employers about it and hide this information from them.

Joseph Kim had worked as an assistant trader in the company and was charged with fraud for misappropriating funds. Charges has been brought by the U.S. Attorney's Office of the Northern District of Illinois. According to prosecutors, Kim stole bitcoins and litcoins worth at least $2 million from the firm, which recently began trading crypto.

The complaint states:

"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."

However, Kim's guilt has not yet been proved, and he is presumed innocent. According to the state's legislation, wire fraud is punishable by up to 20 years in prison.

 

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