In South Korea, the head of a fake crypto exchange was imprisoned for 25 years
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V Global Crypto Exchange is a fake cryptocurrency exchange that scammed about 50,000 users totaling more than $2.3 billion from July 2020 to April 2021. Problems in the ideal scheme were revealed when investors came to the police in 2021 due to the fact that they did not can withdraw neither fiat nor tokens from the exchange.
As a result, the entire management goes to jail: senior executives for terms of 4 to 14 years, the second most influential head of the company for 8 years, and the CEO (a certain Lee) is seated for 25 years. In addition to the fraud itself and the organization of the "pyramid", the company's management was also punished for interfering in the investigation process and destroying evidence.
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