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Executives at crypto exchange V Global arrested in US$1.9B fraud case

forkast.news 29 June 2021 11:32, UTC
Reading time: ~1 m

Four executive employees of South Korean crypto exchange V Global have been arrested on charges of alleged fraud in a case that police say involves 52,000 victims and cumulative losses of more than US$1.9 billion, according to local media reports. 

Fast facts:

  • It was reported that V Global lured investors by promising 300% returns. The exchange required new members to create accounts with 6 million Korean won (about US$5,300) in initial deposits with a supposedly guaranteed return of 18 million won. 
  • The exchange also reportedly promised users 1.2 million won in commission if they successfully referred another investor, much like a pyramid scheme.
  • Some money was returned to users, as promised, but police discovered that those funds had been actually taken from newer users’ deposits.
  • Investors claim the case involves even more victims and money — more than 60,000 and US$3.3 billion. Police have booked and started investigating 70 employees of the exchange.

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