Seven executives of crypto exchange V Global allegedly defrauded of $1.5 billion were sentenced to 3 to 8 years in prison

Local South Korean media Economist reported that seven executives of V Global, a fraudulent cryptocurrency exchange that defrauded $1.5 billion, were all sentenced to fixed-term imprisonment in the first trial. Among them, two executives surnamed Yang and Ou were sentenced to Eight and three years in prison, and four other unnamed executives received three years in prison with five years of probation. Three of the six men have not yet been detained, and they still have the opportunity to plead certain charges and have the right to defend themselves in court. V Global lured investors into guaranteeing a 300% return from July 2020 to April last year, resulting in the deception of approximately 50,000 investors.