A South Korean court gave three senior V Global figures suspended sentences and heavy fines despite their role in defrauding 50,000 victims through a fake crypto exchange.
A South Korean court sentenced three senior figures linked to the fraudulent V Global crypto exchange to three years in prison, suspended, plus five years’ probation. The executives, whose names were withheld, were fined between $186,000 and $474,000 for their role in a scheme that defrauded around 50,000 people of roughly $1.4 billion using a fake trading platform and multi-level marketing tactics. The judge acknowledged the “astronomical damages” caused but noted they made partial payouts to some victims. V Global’s CEO is serving 25 years, and other executives have received long prison terms. The fake platform mimicked real exchanges and offered payouts in non-existent tokens.