A criminal charge recorded July 9 at the U.S. Lawyer’s Office charges Douglas Jae Woo Kim, who is situated in New York, with wire misrepresentation, claiming that he conned three financial specialists out of more than $4.5 million worth of bitcoin and ether.
The Department of Justice (DOJ) claims Kim told financial specialists he was a cryptographic money merchant and requested credits for an okay venture that he guaranteed he had just put $300,000 to $400,000 into.
The DOJ charges that in the wake of getting the assets, Kim sent either all or a significant add up to seaward crypto betting sites, Nitrogen Sports and Fairlay.
Between October 2017 and May 2020, the protest says Kim persuaded three financial specialists to move an aggregate of 123 bitcoin (~$1.1 million), 15,252 ether ($3.5 million), just as roughly $30,000 in USD.
In spite of the fact that Kim guaranteed advances would be reimbursed with elevated levels of intrigue, the DOJ says that the greater part of the bitcoin and the entirety of the ETH still can’t seem to be discounted.
Just a single financial specialist, up until now, has been completely reimbursed.
Per an affidavit from the Federal Bureau of Investigation (FBI), none of the financial specialists had any thought their cash was being utilized on betting locales.
The FBI likewise says Kim has been attempting to persuade new financial specialists for credits since February 2020.
The DOJ has accused Kim of one check of wire misrepresentation; he showed up before officers to confront the charge on Wednesday.
Whenever sentenced, he faces as long as twenty years in jail and a $250,000 fine.