According to CoinDesk, Richard Kim, a former Galaxy executive, said in an interview that after raising a $7 million seed round for Zero Edge less than a month ago, Kim traded leveraged cryptocurrencies and suffered heavy losses due to the bitcoin price drop in June. Galaxy became one of several victim investors after Kim admitted to embezzling at least $3.67 million of company funds from Zero Edge.
A Galaxy spokesperson said: "Kim left Galaxy in March 2024 to start Zero Edge, a company in which Galaxy made a modest investment in its balance sheet, and after learning of certain actions Kim took during his tenure at Zero Edge, we joined other investors in reporting his actions to the authorities." A Galaxy spokesperson declined to disclose the size of the company's investment in Zero Edge. Kim said he also reported himself to the Securities Exchange Commission's public whistleblower hotline and submitted his resignation to Zero Edge and its board on July 2.
Former Galaxy executive embezzled at least $3.67 million of investor funds from his Zero Edge, including Galaxy.
2024-07-16 03:01:40
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