• 14 July, 2024
Crypto Exchanges News

7 Execs of South Korean Scam Crypto Exchange Given 8-year Jail Sentence

According to reports from Kyeongin Ilbo and Economist.co.kr, the top executive at a South Korean scam cryptocurrency exchange called ‘V Global,’ which duped over 50,000 investors out of a total of $1.7 billion, was found guilty and will be sentenced to eight years in prison.

On the 26th, the Suwon District Court’s 12th Criminal Division announced that it had sentenced a top-tier operator named Yang Mo to eight years in prison and another top-tier operator named Oh to three years in prison for violating the Act on Aggravated Punishment, etc. of Specific Economic Crimes.

In a separate trial, another individual surnamed Lee and identified as the firm’s CEO was sentenced to 25 years in prison. Four other people were sentenced to three years in prison and five years probation by the court as well.

Three people, including Mr Yang, who were sentenced to prison terms, were not arrested in court to ensure their right to defend themselves against some charges against which they claimed innocence.

They were dubbed the “7 Chairmans” because they were the top participants with decision-making power within the organisation, and they played a role in managing V Global Centers across the country.

They are accused of deceiving investors and receiving investment funds under the guise of a 300% return (violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes and the Regulation of Similar Receiving Acts, etc.) by performing public relations and fund execution roles. For nearly two years, police and prosecutors have been looking into the V Global exchange.

The court defined this case as a “crime that disrupts the financial order,” and the majority of the defendants admitted to the facts and considered the fact that the intention to deceive was intentional and unfulfilled and that their level of involvement in the crime was lower than that of the management team.

Yang’s sentence is life imprisonment, but the fact that he did not cancel the bail and sentenced him to 8 years in prison under the pretext of guaranteeing the right to defense is that the court only looked at the convenience of the accused, not the victim,

Said Ki Seok-do, chairman of the V-Global Emergency Response Committee.

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