A Chicago trader has been charged with Stealing Bitcoin

Bitcoin fraud

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On Thursday a Chicago trader was charged with stealing $2.06 million worth of Bitcoin and Litecoin from his boss. The man who was identified as Joseph Kim who is 24 years old is the first person facing prosecution in Chicago involving digital currencies. This is according to the U.S Attorney John Lausch. At the time Kim’s lawyer could not immediately be identified.

According to the prosecutors, Kim who worked as an assistant trader for Consolodated Trading LLC transferred Bitcoin and Litecoin which belonged to his employer to his personal wallets to cover for his trading losses and then lied to the management about it.

Based on the papers presented to the court, Consolidated has been able to recover some of the stolen coins but has already incurred a loss of about $603,000. In the Affidavit, the Federal Bureau of Investigation agent quoted one remain in which Kim sent to Consolidated owner’s and four other colleagues on 29th November 2017 admitting that he had transferred some digital coins while stating that he did not intend to steal.

In the Email, Kim stated that: “All the way I was perversely trying to fix what I had done before. I regret that I did not stop myself when I had the financed to give back, I will live in guilt for the rest of my life. I am very sorry for everything and especially for betraying you all this way.” When consolidated was asked about the email did not immediately respond. The prosecutors, however, said that they expected Kim to make an initial court appearance today morning.

If found guilty Kim faces up to 20 years in prison. Cases of theft of digital currencies with some exchange companies losing all their investments and those of clients through hacking. This has led to governments deciding to regulate the digital currencies to ensure that their citizen’s investments are protected.

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