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Gambling Addicted Trader Charged With Stealing $2 Million in Bitcoin From Employer

Written by:
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Published on:
Feb/16/2018

24-year-old Joseph Kim claims he intended to return approximately $2 million worth of Bitcoin after covering his own trading losses.  He was found out before that could ever come to fruition. 

The Chicago-based trader, working at Consolidated Trading LLC, was charged Thursday by the United States’ federal government with wire fraud for the theft of $2.06 million in Bitcoin and Litecoin from his employer.

Kim, described by one of his co-workers as a "degenerate gambler", becomes the first person in Chicago history to be charged with a crime tied to the cryptocurrency trading industry.

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The thefts occurred over a two-month period last year during which time Kim served on the firm’s newly-formed crypto trading group.

Kim stole as much as $3.2 million worth of Bitcoin and Litecoin but did return some $1.2 million prior to the theft being discovered.

“I can’t believe 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,” Kim said.

The trader was believed to have used a portion of the stolen funds for gambling purposes.

- Aaron Goldstein, Gambling911.com

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