Top Trending Gambling News: Crypto Gambling CEO Charged
Richard Kim, a former executive at JPMorgan and Goldman Sachs, told the FBI he knew he “was clearly wrong from the beginning" at the time of his arrest.
Learn More About BetAmapola: The High Limit Sportsbook
An indictment was unsealed against former Zero Edge CEO Richard Kim on Wednesday.
He allegedly admitted to gambling away the crypto casino firm’s seed round funding.
Federal prosecutors say he misappropriated $3.8 million.
Zero Edge closed its $4.3 million seed funding round last June, and during a seven-day stretch that month, Kim allegedly misappropriated most of investors’ funds, with $1 million diverted to a personal account at Shuffle, a crypto-powered casino and sports betting platform.
Kim told CoinDesk last year that “old demons” took over after he lost $80,000 to a phishing attack that started “a negative spiral of leverage trading, raising more capital, and hiding the truth.”
The Zero Edge crypto casino began to fall apart back in February with Kim accused of "reckless gambling". The gambling site entered into voluntary liquidation.
Continue Reading Below...
Gambling911 Trending Stories Over Last 24 Hours (94922 Impressions Last 24 Hours)
- (Online Casinos - NEW)) 10 Exclusive Sweepstakes Casino Bonuses You Can Still Claim This Month: August 2025 Limited-Time Offers (25854 impressions)
- (WNBA) New Betting Market: Color of Next Dildo Thrown on Floor at a WNBA Game (11785 impressions)
- (UFC) Dolidze vs. Hernandez Payout Odds - UFC Fight Night August 9 (3936 impressions)
- (MLB) Bet the Tigers vs. White Sox Series - August 11-13, 2025 (3861 impressions)
- (Little League World Series - NEW) 2025 Little League World Series Bracket Championship Payout Odds (3682 impressions)
- (Gambling News ) - Malik Beasley Evicted From Apartment Amid Gambling Probe (1697 impressions)
These Are your Hot Trending Topics LIVE at Gambling911
- wnba dildo
- mark wu killer
- gambling 911
- internet invitational odds
- scatter 911 slot
- Rick Kuhn
- what happened to mazi vs
The Fall
Per Let's Talk Bitcon:
The downfall of Zero Edge began with a phishing scam that cost Kim an initial $80,000. In a candid interview with CoinDesk, Kim explained, “This triggered my old demons, the need to ‘make it back’ to preserve my reputation.” Despite his intentions to rebuild, Kim’s resolve crumbled as he received the seed round proceeds. “By the seed round’s close, I was ready to rebuild, to start fresh, putting past demons aside. But the moment I received the proceeds, something snapped,” he confessed.
Kim’s attempt to recover the initial loss led him to engage in high-risk bets using borrowed money in cryptocurrency markets, known as leveraged crypto bets. These risky maneuvers resulted in a staggering loss of approximately $3.67 million, leading to his resignation on July 2, 2024. A phishing scam is a type of fraudulent attempt to obtain sensitive information by disguising as a trustworthy entity in digital communication, which in this case tricked Kim into losing the initial funds.
- Chris Costigan, Gambling911.com Publisher
