South Korean Court Cracks Down on V Global Crypto Fraud With Suspended Sentences
A South Korean court has handed suspended prison sentences and heavy fines to three accomplices in the V Global crypto scam, which defrauded about 50,000 victims of $1.44 billion. The defendants, identified only as Ms. A, Ms. B, and Ms. C, were high-ranking members of the scheme and personally profited between $504,000 and $1.08 million. V Global lured investors with promises of 300% returns on its token, V Cash, and commissions for recruiting new members, supported by a fake but realistic trading platform. The court stressed the massive social and financial damage caused, noting many victims still suffer. The company’s CEO was sentenced to 25 years in prison in 2023, while other executives have received varying penalties.