Skip to main content

Executives involved in a $1.5 billion South Korean crypto exchange fraud have been imprisoned.

Executives involved in a $1.5 billion South Korean crypto exchange fraud have been imprisoned.

The latest court action brings the total number of V Global executives behind bars to seven, after the CEO was previously sentenced to 22 years in prison.

Six executives were sentenced to up to eight years in prison for their roles in the $1.5 billion (2 trillion won) South Korean crypto exchange fraud V Global, but three were not detained so they could fight certain charges in court.

V Global ran from July 2020 to April 2021, attracting approximately 50,000 investors by promising 300% returns as well as sizable payments for referring new customers.

According to a translation of Dec. 26 reports from South Korean media outlets such as Economist.co.kr, two high-ranking executives named Mr. Yang and Mr. Oh were sentenced to eight and three years in prison, respectively, for their roles in defrauding investors.

Another four unnamed executives were sentenced to three years in prison and five years on probation.

Three of the six have not yet been detained because they have claimed innocence and have the right to defend themselves in court.

"The defendants only trusted the VGlobal management team, avoided responsibility, and once the investigation started, they destroyed evidence and interfered with the investigation," said the judge from the Suwon District Court's 12th Criminal Division.

.net/YwotbKdP4sVunJGfdhmgww/e8f260a6-84bf-4222-a093-e1ef14e44c00/

The judge, on the other hand, was said to have been lenient with the defendants because the actual amount of fraud and number of investors affected was lower than initially thought last year.

According to Kyeongin's February reporting, this was due to later evidence indicating that approximately 10,000 investors had received returns from V Global through payments from multilevel marketing incentives such as customer recruitment bonuses. Many are said to have re-invested their profits before the platform was shut down.

It was claimed in June of last year that the company had paid out $1,000 customer referral bonuses to existing investors via the influx of capital from new users in a Ponzi-like fashion.

The latest court action brings the total number of V Global executives behind bars to seven, after the CEO, known as Mr. Lee, was sentenced to 22 years in prison in February.

Labels:

Comments

Post a Comment

Popular posts from this blog

What Is a Forex Lot, and How Do I Calculate It?

A lot is a unit of measurement used to standardize the size of foreign exchange transactions. Pips, which represent the fourth decimal place, are used to compare the values of two currencies. Due to the impracticality of trading a single unit, lots were created so that merchants could trade these tiny variations in bulk. An exchange or other analogous market regulator determines the value of a lot, guaranteeing that everyone trades a predefined amount and is aware of the quantity of an item they are trading when they open a position. The four sizes of lots—standard, mini, micro, and nano—are utilized to further differentiate them and provide traders with greater exposure control. Explanation of Forex Lot Dimensions The cost of a currency lot, then. This is determined by whether you are trading a standard, mini, micro, or nano lot. In order to account for minute fluctuations in a currency's value, these four standard units of measurement are used to partition forex trades. The subse...
Post a Comment
Read more

Putin's plan to change the way the world economy works runs into trouble.

The European Union, the G7, and Australia agreed a few days before December 5 to cap the price of Russian oil shipped by sea at $60 per barrel. This was the start of a new phase in the economic war between Russia and the West. The price cap may be one of the most important responses to Russia's use of its energy reserves as weapons since the start of its full-scale invasion of Ukraine, but most people don't understand what it means or what it hopes to accomplish. Many people seem to think that the price cap is a way to stop Russian crude exports, but that is not at all the case. On the contrary, it wants to make sure that they keep flowing even though regulations and sanctions are getting tighter and tighter, but not to Western markets. Since February, China, India, and many other third countries have been buying large amounts of crude oil from Russia at very low prices. They can still do this. The goal of the cap is not to stop these purchases, but to limit Russia's profit...
Post a Comment
Read more