7 Crypto Exchange Execs To Get Jailed Over $1.8B Fraud In South Korea

7 crypto exchange execs will get jailed in South Korea over a $1.8 billion fraud while one exchange former CEO got sentenced to 22 years in prison so let’s read further in our latest cryptocurrency news today.

7 crypto exchange execs from South Korea of V Global platform, were sentenced to prison for a 2 trillion won or $1.7 billion fraud as per the reports issued recently. Former V Global CEO Lee Buying-gul was sent to prison for 22 years and ordered to pay a 106.4 billion fine by a court in Suwon and the Authorities seized 10 billion won from Lee’s account at the exchange and another six executives were handed prison sentences of four to 14 years and fines ranging from the 2.3 billion won to a 106.4 billion won as the report noted.

South Korea already deployed a regulatory framework for crypto since the first half of last year and the lawmakers also called for market manipulation to become a crime in the region. V Global exchange accepted users that deposited over 6 million won in the exchange and even promised them that it will triple their investments and returned 18 million won in V Cash with the exchange’s own crypto token.
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V Global also gave investors a 1.2 million-won commission for referring the new users.

The court said the exchange defrauded over 50,000 investors and some of them lost their retirement funds. Some recieved returns on their investmetns and these funds were taken from other users’ deposits as per Forkast reports.

As recently reported, The central bank of the East Asian country, Bank of Korea, carried out the first stage of the two-part CBDC testing in December. The institution also revealed that the project is now running its second phase. South Korea completed its first CBDC testing phase but the Korea Herald reproted that during this phase, the central bank examine the most basic functions of the financial product like issuance, distribution, and production. The second stage will review the necessary technology for employment and wiring and payment offline and trading crypto acquired in December will also be tested.  The bank expects to finalize the project in June this year but it also intends to discuss the actual launch and the commercialization of the CBDC with the Korean authorities. The institution also plans to expand the scope of an experiment by teaming up with the monetary entities.