Home Scam/Fraud South Korean Crypto Exchange Execs Arrested Amid USD 2B Fraud Fears

South Korean Crypto Exchange Execs Arrested Amid USD 2B Fraud Fears

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Source: Adobe/bong

Police in South Korea said they fear that the crypto exchange V Global could be at the center of a fraud network that has sucked in some USD 2bn, as investigations into the platform intensify and police officers raided the exchange’s offices.

Per Seoul Shinmun and Hankook Ilbo, police claim that some 52,000 customers may have been affected. They have been investigating the platform for several months, after a group of investors claimed they had not been able to withdraw funds from the exchange.

Assets worth some USD 214m were frozen back in May.

Police said they believe the platform – whose website is still operational and ostensibly looks like a standard South Korean crypto exchange – was, in fact, a front for a pyramid scam. The website has not been updated with any announcements since May, and the company has not responded to Cryptonews.com requests for comment.

Police have obtained arrest warrants…

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