South korea jails seven illicit crypto scammers

Crypto scams are also soaring as the entire ecosystem is garnering mainstream attention and adoption. Several scam projects have made many victims lose their hard earned money. However, following the scenario governments globally are focusing on to catch the masterminds behind the scams. Meanwhile, South Korea has recently announced that it has jailed seven nefarious players who were behind the collapse of the nation’s biggest scam digital assets exchange, V Global. Notably, all the bootleggers were handed lengthy sentences as punishment for their role in operating one of the biggest cryptocurrency frauds.

22-year jail term for operating scam platform

Seven masterminds behind the now defunct crypto scam platform have been given jail sentence. According to the reports, the culprits were operating the project and laundered about $1.9 billion in investors’ funds.

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Lee Byung-gul was the CEO of the V Global digital currency exchange when the funds were deceived. Hence, he has been handed a 22-years jail term. In contrast, Lee’s compliances were handed jail sentences that range between four and 14 years.

According to a recent report published by Forkast, it is unveiled that the jailing of the masterminds came a month amid prosecutors asking for life sentences. Notably, a month before the prosecutors argued that handing the offenders life sentences would reflect the severity of the offenses.

Jail term is close to most severe punishment

According to some data, it is unveiled that the term handed to Lee and his co-conspirators are in fact closer to the most severe punishment. Such punishments are usually meted out to property crimes offenders.

Meanwhile the verdict on one of the nation’s biggest cryptocurrency-related scams has potentially set a benchmark for the legal punishment that is handed to the illicit players committing such crimes.

Will such sentences help the investors?

During the trial, the lawyer represented some victims of the digital assets scam. While quoting them on the report, it is highlighted that a majority of victims were middle-aged or senior citizens. Moreover, it is revealed that one of the victims from the 52,419 investors have lost their funds and has already committed sucide.

Although some of the victims received a portion of their investment, the majority of them were left with nothing.