130 Victims Sue V Global Exchange of Fraud Worth $3.5 Billion By CoinQuora

130 Victims Sue V Global Exchange of Fraud Worth $3.5 Billion

CryptocurrencyJun 06, 2021 04:30AM ET

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130 Victims Sue V Global Exchange of Fraud Worth $3.5 Billion

A lawsuit has been filed against the crypto exchange V Global for defrauding investors
V Global has been accused of fraud worth 3.8 trillion won

According to South Korea local media, a lawsuit has been filed against the crypto exchange V Global for defrauding investors. Also, as per the police report, the crypto exchange has about 69,000 investors.

The South Korean crypto exchange V Global has been accused of fraud worth 3.8 trillion won. Specifically, it is worth around $3.5 billion. As per the local news, 130 victims filed a lawsuit against the exchange.

Daegeon, a law company representing the victims, said,

The 130 victims decided to file a joint complaint with the Gyeonggi Southern Police Agency against three executives and employees, including the CEO of V Global, a cryptocurrency exchange, on June 4.

Further, Han Sang-Joon, a lawyer at Daejeon, said that there were around 20,000 to 30,000 victims who did not get their money back. Besides, he also said 600 billion to 1 trillion won was not returned to the customers. However, he stressed that it could be bigger.

More so, the victims said that V Global exchange promised they would triple their investment in a short period. Precisely, they noted that V Global told them if they open an account and deposit at least 6 million won, they will get 18 million won back.

The victims also said that V Global split investors into 7 levels. Also, they promised to pay them each time they bring in a new member. They said they realized that the crypto exchange operated a Ponzi scheme. They stated that they noticed that the firm was returning the investment of the existing members with the acquisition of the new members.

In addition, the police said that they are expanding their investigation since the firm held finance briefing sessions. And also, it recruited investors from all over the country.

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130 Victims Sue V Global Exchange of Fraud Worth $3.5 Billion

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