Executives who helped the false Crityto Exchange V Global Dupe about 50,000 clients of about $ 1.4 billion will not go to jail.
Instead, a South Korean court delivered the three unidentified people suspended. He issued fines, despite recognizing that they had caused “astronomical damage.”
The South Korean newspaper Seoul Shinmun and the Yonhap news agency reported on September 14, that the Criminal Division of the Cheonan Branch of the District Court of Daejeon issued a ruling on three people convicted of violating the act on the aggravated punishment of specific economic crimes.
The President Judge sentenced the three officials to three years in prison (suspended). The court also ordered them to turn five years of probation.
The trio names were retained for legal reasons. The court also ordered the first individual, called (a 61 -year -old woman), to pay a fine of 660 million Wones ($ 474,000).
The judge also ordered B (63, also a woman) to pay a fine won of 426 million ($ 306,000). A man identified as C (57 years old) was ordered to pay 259 million wones ($ 186,000).
V exchange global cryptography: fines, suspended sentences and probation orders
The trio, the prosecutors told the Court, occupied the main positions in organizations that used multiple level marketing methods. They had the task of attracting customers to the global V platform.
Their efforts earned them up to 1,500 million profits ($ 1.1 million) each in earnings, prosecution officials said to the court. In the sentence, Judge President said:
“The defendants caused astronomical damage by exploiting popular interest in cryptoassets. More than 50,000 victims still live with the economic and mental pain of this crime. The damage done to society is considerable. Strict punishment is required.”
But the judge added that executives made sure that some of the victims received payments and “profits” that had been promised.
The Supreme Court imprisoned Lee (the name of a stack held for legal reasons), the CEO of V Global, for 25 years for making a minute of false exchange in 2023.
An authenticity sheet
The CEO and its staff created a realistic -looking commercial platform, designed to resemble the exchanges of South Bona Fide such as Upbit and Bithumb.
The platform had real -time price graphics for coins such as Bitcoin (BTC) and Ethereum (ETH), as well as coins tickers and commercial volume tables of realistic appearance.
The V Global Exchange used a “staggered membership system” that incorporated advanced multi -layer marketing methods.
Their operators offered payments in V tokens of global brand if “new members recruited.”
But the courts then determined that these currencies were as false as the exchange itself, and had never been launched in any blockchain protocol.
The courts of South Korea have also imprisoned other Senior V Global executives. Currently, an individual celebrates a 14 -year sentence. Another, meanwhile, is reaching the end of a four -year prison term.
V Global was launched in mid -2020. But the Rouse began to crumble in 2021, when unhappy customers filed legal complaints, stating that they could not withdraw their assets from the exchange.
At its peak, the false exchange worked from a building in the heart of the busy Commercial District of Seoul.
The district is home to some of the largest cryptographic exchanges and the new most prominent blockchain technology companies.
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