Seven executives of South Korean crypto exchange jailed for alleged fraud

time:2022-02-12 09:00 source:Internet

Seven executives of South Korean cryptocurrency exchange V Global have been sentenced to prison for their alleged involvement in a 2 trillion won ($1.7 billion) scam. Former V Global CEO Lee Byung-gul was sentenced to 22 years in prison by a court in Suwon, South Korea, and ordered to pay a 106.4 billion won fine. Six other executives were sentenced to prison terms ranging from four to 14 years and fines ranging from 2.3 billion to 106.4 billion won. South Korea has been deploying a cryptocurrency regulatory framework since the first half of 2021. Lawmakers also called for the criminalization of market manipulation.

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