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Trader Uses Company Crypto to Fund Gambling; Gets Charged of Fraud

In the first case of cryptocurrency fraud ever, Joseph Kim, was charged with using wiring his company’s money to his own personal wallet.This was with the objective of financing gambling losses.
Joseph Kim, age 24, stated that he would only use the money that he took to finance gambling losses and that his intention was to give it back as soon as he had the chance to do it. But he declared “I did not stop myself when I had the money to give back, and I will live with that for the rest of my life”. He worked year and a half in the company that he robbed, Consolidated Trading LLC.
The volatility of the cryptocurrency market could have made him believe that no one was ever going to realize that he did siphon money. In a market where gains or losses of two digits are common daily, this could be totally possible if there is no adequate follow up of the transactions. But blockchain tech traceability betrayed him, because all transactions are kept as records.
Kim was charged with a 100.000 $ bond, and he was ordered not to trade until the trial ends. He won’t be gambling any soon either.

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