{"id":9655,"date":"2025-08-16T01:28:28","date_gmt":"2025-08-16T01:28:28","guid":{"rendered":"https:\/\/casino-online-best.com\/index.php\/2025\/08\/16\/former-zero-edge-ceo-charged-with-diverting-millions-to-crypto-gambling\/"},"modified":"2025-08-16T01:28:28","modified_gmt":"2025-08-16T01:28:28","slug":"former-zero-edge-ceo-charged-with-diverting-millions-to-crypto-gambling","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2025\/08\/16\/former-zero-edge-ceo-charged-with-diverting-millions-to-crypto-gambling\/","title":{"rendered":"Former Zero Edge CEO Charged With Diverting Millions to Crypto Gambling"},"content":{"rendered":"<div>\n<p>Federal prosecutors say Richard Kim, the former head of crypto casino startup Zero Edge, promised investors a blockchain gaming platform \u2014 and instead burned through their money at online casinos and high-risk crypto trades.<\/p>\n<hr>\n<p><em><strong>Good to know<\/strong><\/em><\/p>\n<ul>\n<li><em><strong>Kim allegedly diverted $3.8 million shortly after Zero Edge raised $4.3 million in seed funding.<\/strong><\/em><\/li>\n<li><em><strong>Over $1 million was allegedly sent to Shuffle, a cryptocurrency casino and sportsbook.<\/strong><\/em><\/li>\n<li><em><strong>The startup never launched and entered liquidation in December 2024.<\/strong><\/em><\/li>\n<\/ul>\n<hr>\n<p>The indictment, unsealed in U.S. District Court in Manhattan, accuses Kim of securities and wire fraud. Prosecutors say the 39-year-old former Goldman Sachs, JPMorgan Chase, and Galaxy Digital executive moved investor funds into personal accounts within minutes of the June 2024 funding round closing.<\/p>\n<h2>The alleged spending spree<\/h2>\n<p>Court filings state that most of the money was gone within a week, lost in leveraged cryptocurrency trading and online gambling. Prosecutors allege that in one transfer alone, $1 million went to an account at Shuffle, a crypto-powered casino and sports betting platform.<\/p>\n<p>On June 29, 2024, Kim emailed investors saying he was \u201csolely responsible for the loss of $3.67 [million] of the company\u2019s balance sheet\u201d and claimed the losses were tied to a \u201ctreasury management strategy\u201d or \u201cday trading.\u201d Authorities say the truth \u2014 that the money went to gambling \u2014 was deliberately concealed.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\"><br \/>\n\t\t<amp-img alt=\"7Bit Casino\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/7BitCasino.png.webp\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"7Bit Casino\" target=\"_blank\" rel=\"nofollow\">7Bit Casino<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>177% up to 5BTC + 77 <strong>\u00a0Free Spins<\/strong>!<\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive Welcome Bonus of 177% + 77 Free Spins\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Zero Edge, incorporated in the Cayman Islands in April 2024, was pitched as a blockchain-based casino gaming app. The product was never launched, and the company voluntarily shut down eight months later.<\/p>\n<p><em>\u201cRichard Kim misled investors by promising that he would build a blockchain-based casino gaming app, but ironically, Kim turned around and gambled away the very funds he said he would use to build a better casino,\u201d<\/em> said Manhattan U.S. Attorney Jay Clayton.<\/p>\n<p>FBI Assistant Director Christopher Raia added: \u201cKim allegedly hedged his bets that false assurances would induce more investments and conceal the true nature of his spending.\u201d<\/p>\n<p>The Securities and Exchange Commission filed its own fraud charges in May 2024, claiming Kim began diverting funds \u201cminutes\u201d after they were received.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\"><br \/>\n\t\t<amp-img alt=\"7Bit Casino\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/7BitCasino.png.webp\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"7Bit Casino\" target=\"_blank\" rel=\"nofollow\">7Bit Casino<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>177% up to 5BTC + 77 <strong>\u00a0Free Spins<\/strong>!<\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive Welcome Bonus of 177% + 77 Free Spins\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2>Old Demons<\/h2>\n<p>In a 2024 interview, Kim admitted that <em>\u201cold demons\u201d<\/em> resurfaced after he lost $80,000 to a phishing scam, triggering <em>\u201ca negative spiral of leverage trading, raising more capital, and hiding the truth.\u201d<\/em><\/p>\n<p>Following his April 15 arrest, Kim told the FBI his actions were <em>\u201cclearly wrong from the beginning\u201d<\/em> and <em>\u201ccompletely unjustifiable.\u201d<\/em><\/p>\n<p>A spokesperson for Galaxy Digital, one of Zero Edge\u2019s investors, said: <em>\u201cUpon learning of certain actions taken by Mr. Kim in his role at Zero Edge, we, along with other investors, reported his conduct to the authorities.\u201d<\/em><\/p>\n<p>Kim was released on a $250,000 bond. Prosecutors and defense attorneys discussed a potential resolution before the indictment but failed to reach an agreement.<\/p>\n<p>The post <a href=\"https:\/\/igaming.org\/casino-news\/former-zero-edge-ceo-charged-with-diverting-millions-to-crypto-gambling\/\">Former Zero Edge CEO Charged With Diverting Millions to Crypto Gambling<\/a> appeared first on <a href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Federal prosecutors say Richard Kim, the former head of crypto casino startup Zero Edge, promised investors a blockchain gaming platform \u2014 and instead burned through their money at online casinos and high-risk crypto trades. Good to know Kim allegedly diverted $3.8 million shortly after Zero Edge raised $4.3 million in seed funding. Over $1 million [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-9655","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.1.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Federal prosecutors say Richard Kim, the former head of crypto casino startup Zero Edge, promised investors a blockchain gaming platform \u2014 and instead burned through their money at online casinos and high-risk crypto trades. Good to know Kim allegedly diverted $3.8 million shortly after Zero Edge raised $4.3 million in seed funding. 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Good to know Kim allegedly diverted $3.8 million shortly after Zero Edge raised $4.3 million in seed funding. 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Over $1 million","inLanguage":"en-US","isPartOf":{"@id":"https:\/\/casino-online-best.com\/#website"},"breadcrumb":{"@id":"https:\/\/casino-online-best.com\/index.php\/2025\/08\/16\/former-zero-edge-ceo-charged-with-diverting-millions-to-crypto-gambling\/#breadcrumblist"},"author":{"@id":"https:\/\/casino-online-best.com\/index.php\/author\/c-and-c-media\/#author"},"creator":{"@id":"https:\/\/casino-online-best.com\/index.php\/author\/c-and-c-media\/#author"},"datePublished":"2025-08-16T01:28:28+00:00","dateModified":"2025-08-16T01:28:28+00:00"},{"@type":"WebSite","@id":"https:\/\/casino-online-best.com\/#website","url":"https:\/\/casino-online-best.com\/","name":"Best Online Casinos","description":"News about Online Casinos","inLanguage":"en-US","publisher":{"@id":"https:\/\/casino-online-best.com\/#organization"}}]},"og:locale":"en_US","og:site_name":"Best Online Casinos - News about Online Casinos","og:type":"article","og:title":"Former Zero Edge CEO Charged With Diverting Millions to Crypto Gambling - Best Online Casinos","og:description":"Federal prosecutors say Richard Kim, the former head of crypto casino startup Zero Edge, promised investors a blockchain gaming platform \u2014 and instead burned through their money at online casinos and high-risk crypto trades. Good to know Kim allegedly diverted $3.8 million shortly after Zero Edge raised $4.3 million in seed funding. Over $1 million","og:url":"https:\/\/casino-online-best.com\/index.php\/2025\/08\/16\/former-zero-edge-ceo-charged-with-diverting-millions-to-crypto-gambling\/","article:published_time":"2025-08-16T01:28:28+00:00","article:modified_time":"2025-08-16T01:28:28+00:00","twitter:card":"summary","twitter:title":"Former Zero Edge CEO Charged With Diverting Millions to Crypto Gambling - Best Online Casinos","twitter:description":"Federal prosecutors say Richard Kim, the former head of crypto casino startup Zero Edge, promised investors a blockchain gaming platform \u2014 and instead burned through their money at online casinos and high-risk crypto trades. Good to know Kim allegedly diverted $3.8 million shortly after Zero Edge raised $4.3 million in seed funding. Over $1 million"},"aioseo_meta_data":{"post_id":"9655","title":null,"description":null,"keywords":null,"keyphrases":null,"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":null,"og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":null,"robots_max_videopreview":null,"robots_max_imagepreview":"large","priority":null,"frequency":null,"local_seo":null,"breadcrumb_settings":null,"limit_modified_date":false,"ai":null,"created":"2025-08-16 06:04:42","updated":"2025-08-16 06:04:42","seo_analyzer_scan_date":null,"focus_keyword":null,"additional_keywords":null,"truseo_locale":null},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/casino-online-best.com\" title=\"Home\">Home<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\tFormer Zero Edge CEO Charged With Diverting Millions to Crypto Gambling\n\t\t<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/casino-online-best.com"},{"label":"Former Zero Edge CEO Charged With Diverting Millions to Crypto Gambling","link":"https:\/\/casino-online-best.com\/index.php\/2025\/08\/16\/former-zero-edge-ceo-charged-with-diverting-millions-to-crypto-gambling\/"}],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/9655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=9655"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/9655\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=9655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=9655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=9655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}