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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.

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