Founder of Cryptocurrency Project Gambled with Customer Funds, Arrested!

Richard Kim, a former director of Galaxy Digital, Goldman Sachs and JPMorgan, was arrested after he reportedly misplaced virtually $ 7 million, a lot of it by embezzlement.

Richard Kim, founding father of Cryptocurrency Venture Zero Edge, misplaced virtually $ 7 million that he had picked up on behalf of Zero Edge throughout playing.

Within the research performed about Kim, it was established that he misplaced a major a part of the cash he had collected from buyers in dangerous lever transactions and misplaced round $ 3 million 670 thousand at playing places.

It was additionally reported that Kim was supplied with deceptive info to buyers throughout fundraising, darkened funds and pointed a big a part of the funds to playing platforms.

“I misplaced $ 80,000 for the primary time in a phishing. I succumbed to my weaknesses and tried to revive my losses and shield my status. However I messed it up,” mentioned Kim.

Galaxy spokesperson Michael Wursthorn acknowledged a press release after the occasions and acknowledged that Richard Kim left the corporate in March 2024 after which based Zero Edge and mentioned: “As quickly as we grew to become conscious of Kim’s actions, we reported the scenario to the competent authorities.”

*This isn’t funding recommendation.