Lawsuit Accuses Korean Crypto Exchange of $3.5 Billion Scam, Tens of Thousands Defrauded

Lawsuit Accuses Korean Crypto Exchange of $3.5 Billion Scam, Tens of Thousands Defrauded


A class action lawsuit has been filed in South Korea accusing cryptocurrency exchange V Global of defrauding investors. The police reportedly estimate that 69,000 people have invested with the crypto exchange and the damage amounts to 3.8 trillion won.

Crypto Exchange Sued for Defrauding Investors

South Korean cryptocurrency exchange V Global has been accused of fraud worth $3.8 trillion won ($3.5 billion).

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A class action lawsuit has been filed by 130 victims. Daegeon, a law firm 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.” According to local media:

The police estimate that 69,000 victims have invested with V Global and the damage amounts to 3.8 trillion won.

Han Sang-joon, a lawyer at Daegeon, explained that there were “actually 20,000 to 30,000 victims who did not get their money back, and 600

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