RATE Group | American Man Sentenced For $1.1 Million Bitcoin (BTC), Litecoin (LTC) Scheme
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American Man Sentenced For $1.1 Million Bitcoin (BTC), Litecoin (LTC) Scheme

14 Nov American Man Sentenced For $1.1 Million Bitcoin (BTC), Litecoin (LTC) Scheme

Posted at 09:09h in Bitcoin News by

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Cryptocurrency traders and investors may be hurting, but that hasn’t stopped regulators from bringing crypto-related criminals to justice. Just recently, a leading financial regulator has brought an Arizona-based man to justice for stealing upwards of $1 million in Bitcoin (BTC) and Litecoin (LTC).

CFTC, U.S. Courts Charge Arizona-based Man For Stealing Bitcoin, Litecoin

On November 9th, the U.S. Commodity Futures Trading Commision (CFTC), issued a press release to reveal that it was sentencing one Joseph Kim, a Phoenix, Arizona native, to jail for his affiliation with a Bitcoin- and Litecoin-related swindle.

For those who are unaware, Kim worked for Consolidated Trading’s cryptocurrency division in late-2017. When he joined the Chicago-based firm’s crypto branch, he was told to cease all trading through his personal accounts to mitigate conflicts of interest. However, he failed to abide by the bylaws, racking up debts on his account by reportedly issuing high-leverage…

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