• First Cryptocurrency Criminal Prosecution Moves Forward In Chicago

    Chicago federal prosecutors recently announced they were moving forward with their first criminal prosecution of cryptocurrency trading.

    The complaint, which was filed in the U.S. District Court of Northern Illinois, was made against 24-year-old Joseph Kim. Heís been charged with one count of wire fraud for allegedly siphoning $2 million worth of Litecoin and Bitcoin for his benefit.

    Kim was an assistant trader at Consolidating Trading, where he reallocated the firmís money into his personal accounts between September and November of 2017. Once discovered, he lied about it.

    The statement said Kim embezzled around $2 million of the Litecoin and Bitcoin cryptocurrency, and then lied to management about it to hide his role in the theft.

    According to the lawsuit, Kim used the money to hide the losses he endured with the trading cryptocurrency futures. The firm learned of the theft in November.