THELOGICALINDIAN - A Chicago banker is adverse up to 20 years in bastille for burglary over 2 actor in Bitcoin and Litecoin cryptocurrency from his employer
Most 24-year-olds would be absolutely blessed to be absorbed to a new cryptocurrency assemblage for a above banking entity. That’s not a bad career aisle for addition who ahead formed as a cryptocurrency banker in South Korea afore abutting Consolidated Trading LLC to become an abettor band banker in July 2016. A new administration attractive to dive into the beginning crypto apple is a abundant dispatch bean for affective up. That is unless that being is a base gambler. Such is the case of Joseph Kim, who stole over $2 million in Litecoin and Bitcoin cryptocurrency from his employer.
The cryptocurrency accumulation was created by Consolidated in September 2024, and Joseph Kim abutting the assemblage ancient during that month. He had his own claimed cryptocurrency accounts, which he abreast his employer of, and he was told to cease all claimed trading to abstain a battle of interest.
However, Kim transferred 980 litecoins (worth $48,000) on a weekend anon afterwards abutting the new unit. When a administrator begin out, Kim said he transferred the bill to a “personal agenda wallet for assurance reasons” due to issues he was accepting with Bitfinex, the cryptocurrency barter in Hong Kong. He again said that the bill had been transferred to a Consolidated wallet (which was untrue).
In November, the banker again beatific 55 bitcoins (value of $433,000) from Consolidated into an alien account. When confronted on this transfer, Kim said that the alteration had been blocked and that he was demography accomplish to ameliorate it. He after beatific aback 27 bitcoins into the accumulated account, abrogation 28 in his possession.
Eventually, Kim transferred 284 bitcoins (worth $2.8 million) from the company’s annual into a claimed wallet. He afterwards beatific aback 102 of those bill into the Consolidated account, afterwards which he again transferred the actual 182 bill into a altered account. Of that aftermost amount, Kim absent a allocation of it by alone trading.
When eventually confronted over all the transfers, Kim accepted to advance in abbreviate approaching positions application 55 bitcoins. He connected burglary cryptocurrency from the aggregation to awning his allowance calls, losses, and claimed investments. After actuality arrested, Kim said that he was a base charlatan and accepted to converting the baseborn Litecoin into Bitcoin for advance purposes.
Eventually, Consolidated managed to balance almost 144 bitcoins from Kim’s assorted claimed wallets. The banking aggregation absent about $603,000 all-embracing from the rogue trader’s bank addiction.
In an email to his superiors at Consolidated, Kim said:
Investment bank is real, and cryptocurrency is aloof a new access for some to allow in the practice. The US Attorney has answerable Joseph Kim with wire fraud, which could net him up to 20 years in prison. Kim has additionally fabricated history, of a sort. He’s the aboriginal being in Chicago to be answerable with wire artifice in commendations to cryptocurrency.
Do you anticipate that we’ll see added cases of traders confiscation cryptocurrency to ammunition their bank addiction in the future? Let us apperceive in the comments below.
Images address of Pixabay and Bitcoinist archives.
