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).
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 billion to 1 trillion won in money that was not returned.” However, he emphasized that “It could be bigger.” In April, V Global filed a complaint against Daegeon for defamation.
V Global held briefing sessions across the country from August last year until recently, promising investors that if they open an account with the crypto exchange and deposit at least 6 million won into the account, they “will get back 18 million won, three times the investment in a short period of time.”
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