- Lawsuit has been filed against crypto exchange V Global for defrauding investors
- V Global has been charged with fraud worth 3.8 trillion won
According to local South Korean media, a lawsuit has been filed against crypto exchange V Global for defrauding investors. Also, according to the police report, the crypto exchange has around 69,000 investors.
South Korean crypto exchange V Global has been charged with fraud worth 3.8 trillion won. Specifically, it is worth around $ 3.5 billion. According to local news, 130 victims filed a lawsuit against the exchange.
Daegeon, a law firm representing victims, said:
The 130 victims decided to jointly file a complaint with the South Gyeonggi Police Agency against three executives and employees, including the CEO of V Global, a cryptocurrency exchange, on June 4.
Additionally, Han Sang-Joon, a lawyer from Daejeon, said that there were between 20,000 and 30,000 victims who did not get their money back. Furthermore, he also said that between 600 billion and 1 trillion won was not returned to customers. However, he emphasized that it could be bigger.
Furthermore, the victims said that V Global Exchange promised to triple its investment in a short period of time. Precisely, they pointed out that V Global told them that if they open an account and deposit at least 6 million won, they will get 18 million won.
The victims also said that V Global divided investors into 7 tiers. Also, they promised to pay them every time they bring in a new member. They said they realized that the crypto exchange operated a Ponzi scheme. They stated that they noticed that the firm was returning the investment of the existing members with the acquisition of the new members.
Additionally, police said they are expanding their investigation as the firm held financial briefings. And in addition, it recruited investors from all over the country.
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This article was first published on coinquora.com
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