Arizona Man Arrested over $1.1 Million Crypto Fraud

[karanjhosi89]

That is seldom a day which goes by without any cryptocurrency related scams. In a recent incident a man from Phoenix, Arizona was arrested and sentenced for misusing cryptocurrencies. This is notably the first prosecution in the cryptocurrency trading industry for Chicago. The convict is accused of mishandling $1 million in cryptocurrencies.

Joseph Kim is a 24-year-old who worked as a trader at Consolidated Trading, LLC. He traded Bitcoin and Litecoin. The authorities said that Kim transferred $600,000 worth of cryptocurrencies into his own account back in the fall of 2017.

After being fired, Kim lost $545,000 worth of cryptocurrencies which were held on the behalf of five investors that included friends. These people had invested their retirement savings into cryptocurrencies.

In May 2018, Kim had entered a guilty plea to a wire fraud. The hearing that was conducted last Tuesday sentenced him to 15 months of prison time.

Assistant U.S. Attorneys Sunil Harjani and Sheri Mecklenburg said

“It is important that the public know that despite the complexity of cryptocurrency trading, the criminal justice system will hold traders and investment professionals accountable for cheating and stealing.”

[disconnectme]

Attime I don't know what to make of news like this, fraud and scams happen everyday and trying to spread news like this is not good for the space, especially now that we are in need to new investors to enter the space. People make it sound as if everything in Crypto is a scam

[X-ray]

Attime I don't know what to make of news like this, fraud and scams happen everyday and trying to spread news like this is not good for the space, especially now that we are in need to new investors to enter the space. People make it sound as if everything in Crypto is a scam

Do you consider this one as a fake news? have you watched it properly? it's a usual thing to see there was a scam news that related to the crypto. If that was not happened and there was no a news like this one. Did you remember when there was a lot of scam and hack news about crypto in the past?
This usually happened with crypto.

[enhu]

Attime I don't know what to make of news like this, fraud and scams happen everyday and trying to spread news like this is not good for the space, especially now that we are in need to new investors to enter the space. People make it sound as if everything in Crypto is a scam

I think his is actually a good news that a criminal is prosecuted and found guilty from the offense he committed.  See this is why its not good to trust your money to someone to handle your money management.  I can not imagine myself sending my money to someone to manage my trading where this guy can just send the coins to his account and run. But this is good that the law is doing their job.

[CaMeRoNy]

I regard this news as good, because if they begin to gradually fight fraud associated with cryptocurrencies, it is clearly good. This is what I lacked, because the cryptocurrency market will die if fraudsters become even more or just their number will not begin to gradually decrease.