Crypto Casino Founder Richard Kim Arrested After Gambling Away Investor Funds
Richard Kim, the founder of crypto casino Zero Edge, was arrested on Tuesday following allegations that he had gambled away investors’ funds.
According to an FBI complaint filed on Tuesday in the Southern District of New York, Kim “fraudulently induced investors to invest in Zero Edge, a cryptocurrency technology company he founded, and then misappropriated millions of dollars in those investors’ funds.”
The FBI said Kim lost “nearly all” of the $7 million he raised from investors and charged him with securities fraud and wire fraud. According to court records, Kim posted a secured bond of $250,000 and put up $100,000 in “cash or real property” to secure it.
CoinDesk was first to report on the Zero Edge incident in July of last year. In…
