US authorities have filed charges against a Chicago man, and are accusing him of stealing Bitcoin and Litecoin from his employer, which he later used for personal cryptocurrency trading.
The man is Joseph Kim, 24, of Chicago —who worked as an assistant trader for Consolidated Trading LLC, a Chicago trading firm. In September 2017, Consolidated extended its normal trading business with a cryptocurrency trading division, to which Kim was transferred soon after.
Kim sent $3,25 million to his own account
According to court documents obtained by Bleeping Computer, a week after Kim was assigned to this new department, he started moving Litecoin and later Bitcoin funds from the company’s accounts to his own.
Managers noticed Kim’s actions and confronted the accused several times. For example, when superiors noticed that Kim moved 980 Litecoin ($48,000) from the company’s account, Kim told them he moved the funds to an offline Trezor wallet for security reasons.
Similarly, when bosses noticed Kim transferring Bitcoin out of company wallets, Kim claimed company Bitcoin funds were blocked and he was just in the middle of taking steps to unblock the money and recover the Bitcoin.
Nonetheless, despite numerous excuses, bosses noticed that after almost two months, cryptocurrency remained missing from company accounts.
Source/More: Trader Accused of Stealing Millions Worth of Bitcoin
