Trader one of the Chicago firms accused of misappropriation of $ 2 million in bitcoin and litecoin.
According to the U.S. attorney’s office for the Northern district of Illinois, trader Joseph Kim is accused of fraud in connection with the misappropriation of funds last fall. Prosecutors allege that he misappropriated “at least $ 2 million in bitcoin and litecoin”. Initially Kim translated 980 Litecoin wallet company on our own by convincing the user that this is a necessary security measure. After he turned 55 bitcoins from the wallet of the company on their own without informing the leadership of the firm.
Kim worked as an assistant trader at Chicago trading company Consolidated Trading LLC, which recently started to work with cryptocurrencies.
According to the complaint, from September to November 2017 Kim has listed over $ 2 million in bitcoin and litecoin belonging to the firm on personal accounts to cover its own trading losses. Kim lied to the management company about the whereabouts of cryptocurrencies owned by the company and the fact that the use of cryptocurrency for their own purposes.
Kim claims that the stolen money he used for margin trading on foreign exchanges. Margin trading refers to the type of high-risk operations. Originally he operated in small volumes, but with increasing loss amounts increased:
I still can’t believe I couldn’t stop…
About the embezzlement became known in November. 16 February to be held the initial hearings on the case.