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 recently handed lengthy jail sentences as punishment for their role in running one of the country’s biggest crypto frauds.

Verdict Sets New Benchmark

Seven former masterminds of the now-defunct scam crypto exchange, V Global, were recently given jail sentences for their part in misappropriating nearly $1.9 billion in investors’ funds. Lee Byung-gul, who was the CEO of the entity when the funds went missing, was handed a 22-year jail term while his accomplices were given jail sentences that range between four and 14 years.

According to a report by Forkast, the jailing of Lee Byung-gul and his fellow executives comes a month after prosecutors asked for life sentences. At the time, the prosecutors argued that handing the offenders life sentences would reflect the severity of the offenses.

Read More

See also  The best under the radar Altcoins that you should swoop up