7 Executives Of South Korean Crypto Exchange Receive Prison Sentences

According to a report from South Korean media outlets, 6 executives were sentenced to up to eight years in jail for their roles in the $1.5 billion (2 trillion won) South Korean crypto exchange scam V Global.

V Global ran from July 2020 to April 2021, attracting over 50,000 investors by promising 300% profits as well as large bonuses for bringing new consumers.

As announced by South Korean media sites, two high-ranking executives called Mr. Yang and Mr. Oh were sentenced to 8 and 3 years in prison, respectively, for their roles in cheating investors, according to the 12th Criminal Division of the Suwon District Court.

Back in February, Kyeongin reported that the CEO of currency exchange V Global also known as Mr. Lee received a 22-year jail term.

The remaining four execs were sentenced to 3 years in prison and 5 years of probation, respectively. On top of that, three people, including Mr. Yang, who were sentenced to prison terms, were not arrested in court because they claimed innocence and have the right to defend themselves in court.

The defendants only trusted the V Global management team, evaded responsibility, and once the investigation began, they destroyed evidence and interfered with the investigation.

said the judge from the 12th Criminal Division of the Suwon District Court

The judge, on the other hand, was said to have been kind to the defendants because the real amount of fraud and the number of investors affected was smaller than first estimated last year.

According to some sources, V Global has really paid out rewards from multilevel marketing incentives such as customer recruiting bonuses to thousands of investors. Before the site was shut down, many claimed to have put those gains back into it.

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