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Friday, 16 February 2018

Man Faces 20 Year Jail Term For Stealing CryptoCurrency

Late 2017 is a time digital currency enthusiasts will bot quickly forget, prices were sky-rocketting, and many were getting involved in the revolutionary virtual currency which the government themselves could not regulate. While all these were going on, some were trying to grab a share of what was not theirs and spooning on the ignorance of others.

Summary:



    • Mr Kim worked for a Chicago firm which recently formed a cryptocurrency griup to be in charge of the cryptocurrency trading
    • Within 2 months, he misappropriated the firm's Bitcoins and Litecoins for his own personal benefits.
    • Mr Kim previously had a knowledge of Cryptocurrency snce he worked for South Korean for a while after graduating from the University of Chicago.
    • He joined the Company, Consolidated in the Summer of 2016
    • He is also known by his colleagues as a 'degen', an online degenerative gambler.
    • His theft has led to a first case scenario in the United States as this is the first criminal prosecution in Chicago where digital currency is involved.
                                     
    • He moved a large amount of nearly 1000 litecoins to his coffers and did something similar with Bitcoin, to the tune of 3.2 million USD
    • When he was questioned by company officials, he returned the litecoins since they hadn't discovered the Bitcoins
    • When he was suspected of mishandling the Bitcoins, he offered excuses that did not match up and assured them that all was well.
    • After being discovered, he came out and admitted to transferring 55 Bitcoins to his personal wallet.
    • As it stands, the company, Consolidated claims to have lost over 600,000 USD to his theft.
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