Three V Global participants in Korea receive suspended sentences

The court considered the case of the V Global crypto pyramid scheme, in which 50 000 victims lost $1,44 billion

Three citizens in South Korea convicted of cryptocurrency fraud

16.09.2025 - 13:00

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2 min

Key points:

In South Korea, three women were given suspended sentences and fines for participating in the V Global crypto pyramid scheme.
Each of the defendants earned personal profits ranging from $504 000 to $1,08 million.
The CEO of the crypto pyramid scheme was previously sentenced to 25 years in prison.

A South Korean court has sentenced three women linked to a crypto pyramid scheme disguised as the V Global cryptocurrency exchange to suspended prison terms. The victims were about 50 000 people who lost a total of $1,44 billion.

The court ordered the defendants, known only as Ms. A (61), Ms. B (63), and Ms. C (57), to pay fines of $475 200, $306 720, and $186 480, respectively.

The investigation found that the defendants were involved in a multi-level marketing scheme that defrauded approximately 50 000 people between July 2020 and April 2021. Each defendant’s profits ranged from $504 000 to $1,08 million.

The court emphasized the seriousness of the crime, stating:

“They caused astronomical damage by exploiting social interest in virtual assets. Over 50 000 victims are still living in economic and mental pain, and the social damage is so great that there is a need for strict punishment.”

How the scheme worked

The V Global platform lured victims with promises of very high returns, specifically a 300% return on investment in its own V Cash token. The minimum deposit was around $4860, and a fee of around $1200 was paid for attracting new members.

To convince potential investors, the organizers created a complex, realistic-looking trading platform that mimicked legitimate exchanges. V Global also hired reputable individuals to be responsible for attracting new participants.

The scam began to unravel when investors were unable to withdraw their funds. In 2023, the CEO was sentenced to 25 years in prison. Other executives and participants received varying sentences depending on their level of involvement.

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