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Cryptocurrency traders and investors could be hurt, but this did not stop legislators from bringing cryptographic criminals to justice. Just recently, a major financial regulator has brought to justice a man based in Arizona for stealing over $ 1 million in Bitcoin (BTC) and Litecoin (LTC).
CFTC, US courts charge man based in Arizona to steal Bitcoin, Litecoin
On November 9th, the Commisity Commodity Trading Commission of the United States (CFTC), issued a press release to reveal that it was condemning a Joseph Kim, a native of Phoenix, Arizona, for his affiliation with a fraud related to Bitcoin and Litecoin .
For those who are not aware, Kim worked for the Consolidated Trading cryptocurrency division at the end of 2017. When he joined the company's encrypted branch in Chicago, he was told to cease all trading through his personal accounts. to mitigate conflicts of interest. However, he failed to comply with the bylaws, accumulating debts on his account by publishing, as reported, high leverage operations on platforms such as BitMEX and Bitfinex.
To cover its A * s, so to speak, it began to transfer the litecoin from the Consolidated corporate portfolio, first issuing a transaction of 980 LTC, valued at that time to $ 48,000, into an unauthorized account.
Although Kim's supervisor was quickly brought to the attention of this suspicious transaction, the criminal had now bluffed, claiming he had moved the funds to a "personal digital wallet for security reasons", adding that the his portfolio Litecoin was to be used as an "intermediary space".
Evidently, this was far from the truth, with the self-proclaimed "degenerate" ("degenerate"), which later sent a transaction of 55 BTC (valued at $ 433,000 at the time) to an unauthorized portfolio yet again. Once again, Kim played out, giving his supervisor another excuse, before stealing upwards of 284 BTCs in total.
In the end, after losing a good portion of the 284 BTC to the "crypts" and stealing $ 545,000 from other customers, he was captured by his supervisors and employers, who later took him to court to deliver justice to Kim .
Now, as revealed in the previously cited version of the CFTC, the former consolidated trader lost more than 1 million dollars, of which $ 600,000 "unduly", which led to a sentence of 15 months in prison.
The CFTC, together with the United States District Court for the Northern District of Illinois, also asked Kim to pay $ 1.96 billion in repayment (in cash, not in BTC or LTC) to Consolidated and its customers. At present, the prisoner will not be able to negotiate or register for the exchange of digital assets, with this move that would probably be carried out to mitigate future risks.
However, although this may be news to some, some expected this verdict for months and months, as Kim's story has circulated the cryptosphere for most of the year. Since this news was originally interrupted, many of its critics had obviously said that embezzlement is not the way to dig the way out of a financial pit, even in the encrypted space, an industry focused on pseudonymy and freedom.
Long thread time I want to tell you guys the story of Joseph Kim. Like most of us in 2016-2017, we were enjoying volatility and 30% of the regular move that showed the encrypted currency. Using the medium-high lever to capitalize on its management operations. However unlike most of us,
– I am Nomad (@IamNomad) November 12, 2018
So while Kim is now in jail for her mistakes, it's a moral in this unfortunate story.
Such as noticed by I Am Nomad, always an enthusiastic and savant crypto, this situation underlines the theme of the so-called "vendetta trading" in this sector. He went on to explain, "if you're s * hitty at trading or on a serious set of losses, just stop … [or else] you [will] you only lose more. "And of course, for God's sake, do not steal money from your employer, investors or anyone else.
Photo by Giammarco Boscaro on Unsplash
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