'2 Trillion Won Cryptocurrency Scam' V Global CEO Sentenced to 22 Years in Prison

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyung-min] The CEO of the cryptocurrency exchange 'V Global,' who was arrested and indicted on charges of fraud involving over 2 trillion won, has been sentenced to 22 years in prison.

The Criminal Division 11 of Suwon District Court (Presiding Judge Kim Mi-kyung) sentenced V Global CEO Lee, who was arrested and indicted on charges including violation of the Act on the Aggravated Punishment of Specific Economic Crimes, to 22 years in prison on the 11th and ordered the confiscation of 106.4 billion won. Approximately 10 billion won was also confiscated from Lee's V Global-named deposit accounts that had been preserved for seizure.

The court sentenced six V Global executives, who were also arrested and indicted on the same charges as Lee, to prison terms ranging from 4 to 14 years each. Among them, four were ordered to pay confiscation fines totaling 106.4 billion won, while the remaining two were ordered to pay 2.3 billion won and 81.1 billion won respectively.

The court stated, "The victims have suffered significant mental and economic distress, having lost their retirement funds and severance pay due to the defendants' crimes. The defendants bear heavy responsibility and are highly blameworthy," adding, "There is also a possibility that other crimes imitating this case may occur."

The V Global executives were arrested and indicted on charges of fraudulently receiving 2.2294 trillion won from 52,419 members between July 2020 and April 2021 by promising "a 300% return on investment in virtual assets" or "a referral fee of 1.2 million won for recruiting other members."

This content was produced with the assistance of AI translation services.