With the latest arrests, there are now seven V Global execs serving their sentences behind bars.
South Korean authorities appear to have tightened their control over the digital asset space. As such, two high-ranking execs, named Mr.Yang and Mr. Oh of the fraudulent crypto exchange, V Global, were sentenced to eight years and three years, respectively, for their role in defrauding investors.
V Global reportedly lured investors by promising 300% returns. The exchange, which operated between July 2020 and April 2021, required new users to create accounts and deposit approximately 6 million Korean won initially with a supposedly guaranteed return of 18 million won.During its one year of operation, V Global managed to rake in nearly 50,000 investors by promising users 12 million won in a commission similar to a pyramid scheme.
“The defendants only trusted the V Global management team, evaded responsibility, and once the investigation began, they destroyed evidence and interfered with the investigation. The defendants acknowledged and reflected on the facts themselves, and many of the victims reinvested the proceeds from their existing investments, so the actual amount of damage was less than the legally defrauded amount”The estimated victim count stands somewhere near 52,000.
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