Former Executive Arrested for Alleged Embezzlement and Gambling Losses
Richard Kim, a former executive at Galaxy Digital, Goldman Sachs, and JPMorgan, has been arrested for allegedly losing nearly $7 million, much of it through embezzlement.
Founder of Zero Edge Project
Richard Kim, founder of the cryptocurrency project Zero Edge, lost nearly $7 million that he had raised on behalf of Zero Edge while gambling.
Investigation Findings
During investigations into Kim’s activities, it was discovered that he used a significant portion of the funds collected from investors in high-risk leveraged transactions and lost approximately $3.67 million on betting sites.
It was also revealed that Kim provided false information to investors during fundraising, embezzled funds, and directed a large portion of the money to gambling platforms.
Statement from Richard Kim
Kim admitted to his mistakes, stating, “I first lost $80,000 in a phishing scam. I succumbed to my weaknesses and tried to recover my losses and protect my reputation. But I messed up.”
Response from Galaxy Digital
Following the events, Galaxy Digital spokesman Michael Wursthorn announced that Richard Kim had left the company in March 2024 to found Zero Edge. Wursthorn emphasized that as soon as they became aware of Kim’s actions, they reported the situation to the authorities.
*Please note that this article is for informational purposes only and does not constitute investment advice.