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CFTC fined for the theft of Bitcoin from his company
Joseph Kim, a resident of Phoenix, Arizona, is involved in an acquisition of fraud involving Bitcoin and Litecoin. According to CFTC, Joseph stole the cryptocurrency from his company to pay for the bad things he had done himself. The commission announced on Friday that it had issued a $ 1.1 million fine to Joseph for fraud.
Joseph Kim was working for Consolidated Trading, a Chicago-based commercial company when he committed the first scam. Reports indicate that Kim has taken more than $ 3 million in Bitcoin and Litecoin from both the consolidated trading accounts and the company's customer accounts. Kim believes he uses the money to pay for the losses he has to bear when he sells cryptocurrencies alone.
Reports also say that Kim manages to return more than $ 2 million from the amount of hacking. However, the behavior aroused suspicions from the superiors of the company who faced him with questions. When asked why he transferred the heavy sums of bitcoin and Litecoin to his account, Kim Said did so for security reasons.
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Kim lost the money he had taken from his clients' accounts, forcing him to earn even more money to continue negotiating and paying for the losses he had made. Cryptocurrency trading counts as many bettors by many traditional investors. The odds of making profits or losses are both very high. Kim, however, apologized when his acts were finally inside the book.
In an e-mail to his superiors of established commerce, Kim said he could not believe he had stopped trading when he had the money to repay. In his attempt to pay off the debt accumulated during Consolidated Trading, Kim lied to many customers that he was setting up his cryptocurrency trading company.
Reports say that about five of his former clients offer over $ 500,000 to Kim to trade with. Kim presumably lost all the money while trying to exchange cryptocurrency again. As a result, he will have to return all the money his "clients" have given him. Also with an amount of approximately $ 600,000 to consolidated trading. The CFTC also imposed a ban on trading and permanent registration on Kim.
Kim was under a 15-month prison term for cumulative offenses for both Consolidated Trading and for obtaining money with false claims. Kim, now 24, received a permanent trade ban. In addition to the $ 1,146,000 fine, he must pay his former employer and his clients.
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