A South Korean court has sentenced three individuals linked to the fake cryptocurrency exchange V Global—accused of defrauding approximately 50,000 victims out of $1.44 billion—to suspended prison terms. The court also ordered the defendants, identified only as Ms. A, Ms. B and Ms. C, to pay fines of $475,200, $306,720 and $186,480, respectively.

According to a report, investigators found the defendants to be high-ranking accomplices in the V Global coin investment fraud. They were involved in a multi-level marketing scheme that defrauded about 50,000 people between July 2020 and April 2021. Each defendant personally profited, earning between $504,000 and $1.08 million.

The court emphasized the severity of the crime, stating: “They caused astronomical damage by exploiting social interest in virtual assets. Over 50,000 victims are still living in economic and mental pain, and the social damage is so great that there is a need for strict punishment.”

V Global reportedly lured victims with promises of extraordinarily high returns—specifically, a 300% return on investments in its self-issued token, V Cash. The scheme required new members to deposit a minimum of about $4,860 and offered commissions of around $1,200 for recruiting additional investors.

To convince unsuspecting investors, the masterminds reportedly created a sophisticated, realistic-looking trading platform that mimicked legitimate exchanges. V Global also employed individuals in high-ranking positions who were responsible for recruiting new members.

The scheme began to unravel when investors were unable to withdraw their funds. The CEO was sentenced to 25 years in prison in 2023. Other executives and accomplices have also faced legal consequences, with sentences varying based on their level of involvement.

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