$140 million global crypto fraud accomplice avoids prison time in Korea

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Three people involved in fake crypto exchanges that scam 50,000 of the $1.4 billion or more, avoid jail time.

The unnamed accomplice was sentenced to a role in running V Global in Korea and was ordered to pay a substantial fine.

The 60-year-old woman, known only as “Ms. A,” is fined about $436,000, while the 63-year-old “Ms. B” faces a fine of $307,000. The judge concluded that a 57-year-old man called “Mr. C” would have to pay $186,000.

All three were given a three-year sentence and suspended for five years. In other words, avoid the inside of the prison unless you are avoiding it.

According to Korea Yonghap The news agency, the sentence comes two years after being sentenced to 25 years in prison, two years after being sentenced to V Global’s CEO (construed as the mastermind of fraud).

The exchange was run between July 2020 and April 2021, and the trio rose to rank by participating in multi-level marketing.

As a result, they have earned more than $1 million in profits, and the court is said to have declared that they have caused “astronomic damages” by exploiting the high level of interest in digital assets. Back in 2020, Bitcoin It was the first time I violated $20,000.

“Over 50,000 victims are still in financial and mental pain and the social damage is so severe that they need strict punishment,” the judge said in a quote obtained by Yonghap.

The CEO of V Global, known in the press only as “Mr. Lee,” was allegedly asserted at the time of his ruling that investors had promised to receive a 300% return if they purchased a new digital asset called “V-Cash.”

The wheels of justice rotate slowly

This is the latest in a long time cases where executives of fraudulent trading platforms or offerings of fake early coins are often brought to trial a few years after a crime has occurred.

Last year, the Australian promoter of the Defunct BitConnect Ponzi scheme, which ran between 2016 and 2018, was found guilty of providing unlicensed financial advice. The founder of the Hashflare Bitcoin Mining Scam, which was run between 2015 and 2019, was not declared until last month.