2 years ago
Seven executives of South Korean crypto speech V Global were sentenced to situation for a 2 trillion-won ($1.7 billion) fraud, according to media reports connected Friday.
Former V Global CEO Lee Byung-gul was sent to situation for 22 years and ordered to wage a 106.4 billion-won good by a tribunal successful Suwon, successful the country's south, CoinDesk Korea reported. Authorities seized 10 cardinal won from Lee's relationship astatine the exchange, according to the report. Another six executives were handed situation sentences of 4 to 14 years and fines ranging from 2.3 cardinal won to 106.4 cardinal won, the study said.
V Global lone accepted users that deposited implicit 6 cardinal won successful the exchange, and promised them that it would triple their investment, returning 18 cardinal won successful V Cash, the exchange's ain crypto token, Forkast reported. V Global besides gave investors a 1.2 million-won committee for referring caller users, according to Forkast.
The tribunal said the speech had defrauded implicit 50,000 investors, immoderate of whom mislaid their status funds. While immoderate received returns connected their investments, those funds were taken from different users' deposits, according to Forkast.
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Eliza Gkritsi is CoinDesk's crypto mining newsman based successful Asia.
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