On July 10, according to a notice from the U.S. Supreme Court, Douglas Jae WooKim was today sentenced to 48 months in federal prison for defrauding investors of more than $7 million in cryptocurrency and other funds. U.S. District Court Senior Judge Charles R. Breyer announced the verdict. In a three-week trial in February 2025, 32-year-old New York resident Kim was found guilty by a federal jury on 14 counts of wire transfer fraud, international money laundering and money laundering, and was not guilty of one count of international money laundering. At today's sentencing hearing, Judge Breyer dismissed one of the counts of money laundering on jurisdictional grounds. Court documents and trial evidence show that between October 2017 and June 2020, Kim, who moved to San Francisco, defrauded many relatives and friends investors by disguising himself as a legal cryptocurrency trader. He falsely claimed that he needed short-term liquidity funds for cryptocurrency transactions or other legitimate commercial purposes, assured victims that the loan was "zero or extremely low risk," promised high returns, and claimed to have enough funds to provide personal guarantees.