Earlier today, it was revealed that 24-year-old trader Joseph Kim, who worked for a Chicago based firm Consolidated Trading, allegedly stole $2 million to cover losses he made in margin trading and personal investments in the cryptocurrency market.
Over $600,000 Lost Due to Greed
According to the criminal complaint obtained by Bloomberg, Kim illegally transferred massive amounts of bitcoin and Litecoin from company wallets of Consolidated Trading to his personal cryptocurrency wallets. Initially, Kim moved 980 Litecoins to his personal wallet, deceiving his superiors at the company that he had transferred the Litecoins as a security measure.
In November, two months after Kim had moved into the cryptocurrency trading department of the company, Kim moved 55 bitcoins to his personal wallet without the authorization of the company. At the time, Kim told the company that he had taken a necessary approach to unblock the company’s cryptocurrency exchange account by transferring $433,000 worth of bitcoin to his personal wallet.
Although Kim had moved back 27 bitcoins back to the account of the company, 28 bitcoins remained in the personal wallet of Kim.
Read the full story here:
https://www.ccn.com/cryptocurrency-trader-loses-603000-margin-trading-steals-2-million/
