ChainCatcher news, seven top operators of the virtual currency exchange V Global have been prosecuted for fraud amounting to 2 trillion won (approximately 1.4 billion USD) and were sentenced to imprisonment by the appellate court.On August 22, the Suwon High Court overturned the first instance's 8-year sentence. Yang and others were accused of defrauding approximately 2.2 trillion won from about 52,000 members through false promises. The remaining six operators maintained the first instance's ruling, receiving sentences of 3 years in prison with a 5-year probation. Yang and the other two were taken into custody immediately.

ChainCatcher news, according to Yonhap News Agency, the CEO of the cryptocurrency exchange V Global, Lee, has been sentenced to 25 years in prison and fined $8 million for being accused of committing fraud amounting to 2 trillion won. Three other V Global executives who were indicted alongside him received prison sentences ranging from 4 to 14 years.It is reported that from July 2020 to April 2021, V Global collected 2.8 trillion won from approximately 50,000 investors. (Source link)