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Seven South Koreans convicted of ‘largest crypto fraud scheme’

Seven people who worked for the South Korean cryptocurrency exchange V Global were recently sentenced to long prison terms for their roles in one of the country’s biggest crypto scams.

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Seven people who used to run the now-defunct crypto exchange V Global have been sent to prison for stealing nearly $1.9 billion from investors. Lee Byung-gul was the CEO of the company when the funds went missing, and he was sentenced to 22 years in prison. His accomplices were sentenced to between four and 14 years in prison, as well.

When Lee Byung-gul and his other executives were arrested, prosecutors asked for life sentences. This comes a month after that. At the time, the prosecutors said that giving the offenders life sentences would show how serious their crimes were.

However, the report says that the jail sentences given to the CEO and his co-conspirators are closer to the most severe punishment that is usually given to people who do bad things with things like furniture. The verdict on one of South Korea’s biggest crypto scams could set a standard for how people who commit crypto crimes are punished.

Most of the investors lost everything.

A lawyer for some of the victims of the crypto scam is quoted in the report saying that most of the victims were middle-aged or older. One of the lawyers at the Daegun law firm, Han Sang-jun, told the storey:

“Most of the victims were middle-aged or senior citizens who dreamed of a stable life after retirement.”

The lawyer also said that one of the 52,419 people who lost money has already killed herself. Some of the investors got some of their money back, but the report said that most of them lost everything.

Many of V Global’s victims were sucked into the scam because they were told that they would get more than 300 percent on every $5,000, or six million Korean won, that they put in. Some V Global investors were also promised a $1,000 bonus for bringing in new people.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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