Justice Prevails Again: Crypto Exchange Scam Executives Sentenced To Years in Jail In South Korea for Fraud

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Apparently, crypto exchange scams have become more frequent these days. By now, if there is one thing about South Korea that we can all agree on, it is that fraud will not be tolerated.

And for this reason, an executive was sentenced to serve the next 8 years of his life in jail. So much so that a South Korean Crypto exchange conned well over 50,000 individuals out of about $1.7 billion.

One would think that after several convictions of crypto fraudsters, the others would learn and change their ways, but this doesn't seem to be the case. Almost nothing, not even the SBF -FTX accident, has worked to deter these fraudsters.

Kyeongin Ilbo and Economist reported that the Criminal Division of the Suwon District Court sentenced a “top-tier” V Global executive surnamed Yang to eight years in prison. Another “leading” executive surnamed Oh received a three-year term.
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In addition to Yang, the executive who was found guilty, the CEO of V Global, Lee, will also face 25 years in prison in a separate trial, along with five other people who received 3-year sentences for fraud.

According to reports, at first glance, you’d never guess that the V global crypto exchange platform was just a sham.

The problem began when a number of investors were unable to withdraw their tokens from the exchange despite being compelled to invest in the scheme by the proposed 300% increase on their initial stakes.

But then again, is there any scheme in existence that gives you up to a 300% increase or profit? This is exactly why investors have been warned to be wary of schemes and platforms that are too good to be true.

In fact, the platform was similar to a Ponzi scheme in that it rewarded people based on how many new participants they could bring. And it was only after a thorough investigation that the authorities discovered the fraud.

The court heard that “once the police investigation began,” the executives aided Lee, and “destroyed evidence.” The judge added that they had attempted to “interfere with the investigation.”

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Lawyers representing groups of victims expressed their disappointment at the verdict, however.

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Prosecutors and victim groups had pushed for maximum, life sentences. Prosecutors and defendants have the right to appeal – and may decide to challenge the sentences at the high court.
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Lastly, if you must invest your money into a scheme, always do your due diligence. And, if it's too good to be true, you might as well ignore it.

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