🤯 Bro..., how do you trust after this?
Richard Kim, once a high-profile name at Goldman Sachs and JPMorgan, is now at the center of a federal fraud case after authorities say he diverted nearly all of the $4.3 million he raised from investors into personal crypto accounts and high-stakes online gambling. The funds were meant to build a blockchain-based casino platform called Zero Edge, but investigators say the reality was far from the pitch.
Within days of closing the funding round, about $3.8 million was moved to his own accounts, then routed through major crypto exchanges before ending up in online casinos. Most of it vanished in losses. When questioned by investors, Kim presented it as a “treasury management strategy” rather than gambling, and later as trading losses.
In the end, speaking to federal agents, Kim admitted, “It was clearly wrong from the beginning. I knew it. It was a betrayal.” Now, with multiple fraud charges against him, he faces the possibility of decades behind bars—another example of how fast trust can be destroyed in this space.
