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Trader stole $2mn in cryptocurrency from his firm to cover gambling debts

Trader stole $2mn in cryptocurrency from his firm to cover gambling debts
Cryptocurrency thefts have hit the headlines lately, but news about someone actually getting caught is less common. One trader stole $2 million in cryptocurrencies and became one of the few to be discovered.

As Bloomberg reports, Chicago trader Joseph Kim, 24, working for Consolidated Trading, transferred the money in several transactions from corporate accounts to accounts of unknown origin. The transactions were made with bitcoin and litecoin cryptocurrencies.

When supervisors questioned Kim about the money he transferred, he repeatedly claimed the cryptos were sent to a Consolidated wallet where he said they were being securely held, according to the media quoting John Lausch, the US Attorney for Chicago.

After being confronted, Kim admitted that he was a 'degen', meaning degenerate gambler.

It was not my intention to steal for myself,” he said in an email to superiors. “I was perversely trying to fix what I had already done. I can’t believe I did not stop.”

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