Six executives involved in V Global’s $1.5 billion (2 trillion won) South Korean cryptocurrency exchange fraud have been sentenced to prison terms ranging from three to eight years; however, three of those executives were not detained so they could fight certain charges in court.

V Global was active from July 2020 to April 2021, during which time it attracted around 50,000 investors offering them 300% returns along with hefty bonuses for bringing in new clients.

As indicated in a translation of reports published on December 26 by South Korean media outlets such as Economist.co.kr, two high-ranking executives who have been identified as Mr. Yang and Mr. Oh were sentenced to respective sentences of eight years and three years in prison for their participation in a scheme to defraud investors.

Four other anonymous executives received sentences of three years in prison and five years of probation. However, three out of the total six have yet to be jailed as they have maintained their innocence on specific charges and are exercising their right to defend themselves in court.

The court, on the other hand, reportedly showed some compassion for the defendants due to the fact that the actual amount of fraud and the number of investors affected was less than first assumed last year. last.

This was due to subsequent evidence showing that around 10,000 investors had actually received profits from V Global through multi-level marketing incentive payments, such as customer recruitment bonuses, according to the report Kyeongin had done in February. It is believed that a significant number of users returned those entries to the site before it was removed.

It was claimed in June of the previous year that the company had paid out its customer referral incentives, reportedly worth $1,000 each, to current investors in a Ponzi-like method using the flood of funds from new customers.

As a result of the latest legal development, the total number of V Global executives now serving jail time has risen to seven. This comes after the company’s CEO, known by the alias Mr. Lee, was sentenced to 22 years in prison in February.