Top executives nabbed
Increasing regulation in South Korea due to the ongoing ups and downs of extended crypto winter and the urgent need of a watchdog over the industry. Amid tough squeeze, two executives of crypto exchange V Global, named Mr.Oh and Mr.Yang are imprisoned for three and eight years respectively for charges of defrauding their investors.
V Global’s claims of over 300% in returns which aimed to attract investors, sounded more like a ponzi scheme. The malicious acts of the firm took place between July 2020 to April 2021, to trap almost 6 million Korean won via money deposited by new signup customers in exchange falling under bait of a whopping 18 million returns fast.
According to CoinGecko, South Korea was at the top in list of worst affected nations in recent FTX bankruptcy storm. It sums up to a total average 297,229 unique users monthly on FTX website. This consisted of almost 6.1% of the website’s traffic.
In a matter of a year, V Global succeeded to gain an estimated 50,000 investors while users were fakely guaranteed via a scheme claiming 12 million won in pure commission. Few executives were caught while rest of the employees were held in custody for investigation, breaching the Act on the Regulation of Similar Reception Act, fraud and infringement of the Door-to-Door Sales Act.
Government to increase further crypto regulations
As per news reports, the South Korean government increases crypto regulation, as an outcome of TerraUSD collapse…
