Crypto Casino CEO Charged After Allegedly Gambling Away Investors' Millions
Main Idea
Former Zero Edge CEO Richard Kim was charged with securities and wire fraud for allegedly misappropriating $3.8 million, while a former OpenSea manager had his conviction overturned in a landmark crypto case.
Key Points
1. Richard Kim, former CEO of Zero Edge, allegedly diverted $3.8 million from the company, including $1 million to a crypto-powered casino.
2. Kim misled investors about the company's financial status, claiming losses were due to 'day trading' or other business expenses.
3. A U.S. Appeals Court overturned the conviction of a former OpenSea product manager, challenging the legal interpretation of 'property' in crypto cases.
4. North Korean hackers frequently attempt to infiltrate Binance with fake resumes, according to the exchange's chief security officer.
5. The founders of HashFlare, a Bitcoin mining scam, were sentenced to 16 years in prison, while Do Kwon pleaded guilty in the Terra collapse case.
Description
When arrested, Richard Kim told the FBI he knew he “was clearly wrong from the beginning,” authorities say.
Latest News
- Ethereum ETF Inflows Outperform Bitcoin for the Third Day Straight2025-08-14 05:25:19
- Crypto Market Conditions ‘Exceptionally Strong’ as Bitcoin, Ethereum, XRP Advance2025-08-14 04:06:40
- Estonian Banker's Lost Ethereum Wallet Now Holds Over $1 Billion in ETH2025-08-14 03:36:40
- Google Confirms Non-Custodial Wallets Exempt From New Crypto App Rules on Play Store2025-08-14 00:02:43
- Biotech Stock Plunges on Bitcoin Plans as Ethereum Treasuries Stay Hot2025-08-13 23:38:41