South Korea Jails Seven Masterminds of Country’s ‘Largest Crypto Fraud Scheme’

Seven executives of the collapsed South Korean scam cryptocurrency exchange, V Global, were precocious handed lengthy jailhouse sentences arsenic punishment for their relation successful moving 1 of the country’s biggest crypto frauds.

Verdict Sets New Benchmark

Seven erstwhile masterminds of the now-defunct scam crypto exchange, V Global, were precocious fixed jailhouse sentences for their portion successful misappropriating astir $1.9 cardinal successful investors’ funds. Lee Byung-gul, who was the CEO of the entity erstwhile the funds went missing, was handed a 22-year jailhouse word portion his accomplices were fixed jailhouse sentences that scope betwixt 4 and 14 years.

According to a report by Forkast, the jailing of Lee Byung-gul and his chap executives comes a period aft prosecutors asked for beingness sentences. At the time, the prosecutors argued that handing the offenders beingness sentences would bespeak the severity of the offenses.

However, the study reveals that the jailhouse sentences fixed to the CEO and his co-conspirators are successful information person to the astir terrible punishment that is usually meted retired to spot crimes offenders. The verdict connected 1 of South Korea’s biggest crypto scams perchance sets a benchmark for the ineligible punishment that is handed to persons that perpetrate crypto related-crimes.

Majority of Investors Lost Everything

Meanwhile, a lawyer representing immoderate victims of the crypto scam is quoted successful the study stating that a bulk of the victims were middle-aged oregon elder citizens. The lawyer, Han Sang-jun of the Daegun instrumentality firm, said:

Most of the victims were middle-aged oregon elder citizens who dreamed of a unchangeable beingness aft retirement.

The lawyer besides revealed that 1 of the victims from the 52,419 investors that mislaid their funds has already committed suicide. While immoderate of the investors did person a information of their funds, the study said a bulk of the victims mislaid everything.

Many of V Global’s victims were lured into the scam aft they were promised guaranteed returns of much than 300% connected each $5,000, oregon six cardinal Korean won, that was invested. In summation to the “guaranteed” return, V Global investors that brought successful caller participants were promised a committee of $1,000.

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