Crypto entertainment platform Zero Edge founder Richard Kim was arrested on Tuesday on charges of using investors' money for gambling.
According to an indictment filed by the FBI on Tuesday in the Southern District of New York, Kim "fraudulently induced investors to invest in Zero Edge, a crypto company he founded, and subsequently misappropriated millions of dollars of investment funds".
According to the F.B.I., Kim lost about $3.80 million of investors' money and is charged with securities fraud and wire fraud. According to court records, Kim has posted a $250,000 secured bail that includes $100,000 in cash or real estate as security.
In July 2024, Galaxy accused Richard Kim, a former general partner at Galaxy Interactive, a gaming-focused venture fund owned by Galaxy, of embezzling at least $3.67 million from its new blockchain startup, Zero Edge.
Crypto entertainment platform Zero Edge founder Richard Kim has been arrested for embezzling investor funds for gambling
2025-04-17 17:39:38
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