V Global CEO gets 22 years in prison in South Korea
The executives of an Asian cryptocurrency exchange were found guilty of misappropriating 2 trillion won
13.02.2022 - 07:40
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What’s new? The trial of the executives of V Global, a South Korean cryptocurrency exchange, took place. They are accused of fraud and misappropriation of 2 trillion won ($1,9 billion). Former CEO Lee Byung-gul was sentenced to 22 years in prison. Six other executives were found to be accomplices in the crypto fraud and received between 4 and 14 years in prison, Forkast reports.
What is V Global accused of? The company was in fact a pyramid scheme. The Prosecutor’s Office found out that V Global cheated investors by guaranteeing a 300% return on a minimum deposit of 6 million won (approximately $5000).
Lee Byung promised that investors would receive three times the amount of V Cash native cryptocurrency for their deposit. At the time, depositors were expecting profits from the digital asset, believing that the token would rise in value thanks to the support of the exchange. Some investors did receive some of the promised returns, but prosecutors seized those funds.
V Global launched a program similar to a pyramid scheme, where it guaranteed a commission of 1,2 million won to those who brought new customers to the exchange. More than 52 000 people have been affected by the investment scam. The prosecutor stated:
“Most of the victims were middle-aged or senior citizens who dreamed of a stable life after retirement.”
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