The jail sentences given to the CEO and his accomplices are closer to the most severe punishment that is usually meted out to property crime offenders. cryptoscam ponzischeme
Seven executives of the collapsed South Korean scam cryptocurrency exchange, V Global, were recently handed lengthy jail sentences as punishment for their role in running one of the country’s biggest crypto frauds.Seven former masterminds of the now-defunct scam crypto exchange, V Global, were recently given jail sentences for their part in misappropriating nearly $1.9 billion in investors’ funds.
However, the report reveals that the jail sentences given to the CEO and his co-conspirators are in fact closer to the most severe punishment that is usually meted out to property crimes offenders. The verdict on one of South Korea’s biggest crypto scams potentially sets a benchmark for the legal punishment that is handed to persons that commit crypto related-crimes.
Most of the victims were middle-aged or senior citizens who dreamed of a stable life after retirement. The lawyer also revealed that one of the victims from the 52,419 investors that lost their funds has already committed suicide. While some of the investors did receive a portion of their funds, the report said a majority of the victims lost everything.
Many of V Global’s victims were lured into the scam after they were promised guaranteed returns of more than 300% on every $5,000, or six million Korean won, that was invested. In addition to the “guaranteed” return, V Global investors that brought in new participants were promised a commission of $1,000.
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