Cryptocurrency Trader Gets 15 Months of Jail for Stealing Bitcoin, Litecoin

U.S. District Judge Andrea R. Wood sentenced Joseph Kim from Phoenix, Arizona, to 15 months behind bars for wire fraud in the first Chicago criminal prosecution related to cryptocurrency.

Kim faced charges at the beginning of 2018 when federal prosecution registered the first criminal case involving the cryptocurrency trading industry from Chicago, with Kim pleading guilty to one count of wire fraud in May.

Kim received the 15 months jail punishment for embezzling $1.1 million worth of Bitcoin and Litecoin cryptocurrency from two different proprietary crypto trading companies.

As stated in the Department of Justice press release, "Over a two-month period in the fall of 2017, JOSEPH KIM, 24, of Phoenix, Ariz., misappropriated at least $600,000 of his trading firm’s Bitcoin and Litecoin cryptocurrency for his own personal benefit.

No comments:

Post a Comment