Prosecutors say Chicago gets 1st cryptocurrency case
CHICAGO (AP) — A cryptocurrency case is now making its way through Chicago federal court.
The U.S. attorney’s office says it’s the first criminal prosecution involving virtual currencies in the region. The suspect is a 24-year-old trader accused of misappropriating more than $2 million in Bitcoin and Litecoin.
Charging documents say Joseph Kim was an assistant trader for a Chicago firm that recently formed a virtual currency group. He was charged Thursday. His attorney, Bill Ziegelmueller, didn’t immediately return a telephone call seeking comment.
The complaint alleges Kim transferred more than $2 million of the company’s cryptocurrency to personal accounts to cover his own trading losses. It says he made false statements to management to hide the theft.
A conviction on the wire fraud charge carries a maximum 20-year prison sentence.