A trader at a Chicago firm has been charged with fraud after he allegedly misappropriated $2 million worth of bitcoin and litecoin and lied about it to his employers.
According to the U.S. Attorney's Office of the Northern District of Illinois, the trader, Joseph Kim, was yesterday charged with wire fraud for misappropriating at the funds last autumn. Prosecutors say that he took "at least $2 million of the firm’s bitcoin and litecoin."
Kim had worked as an assistant trader for Chicago-based trading firm Consolidated Trading LLC, which had recently started cryptocurrency trading.
The U.S. Attorney's Office stated:
The true nature of the thefts became apparent in November, the office added. Kim is scheduled to make an initial court appearance on Feb. 16, before U.S. Magistrate Judge Daniel G. Martin in Chicago.
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