The “victims” of alleged crypto scams worth $ 3.6 billion continue to believe the exchange is legitimate

Apparently, Victims of suspected $ 3.6 billion cryptocurrency fraud in South Korea are hampering the progress of a police investigation and class action lawsuit as they continue to believe in the project and continue to hope to get their investment back.

On June 4th, the Korean law firm Daegon has filed a class action lawsuit against V Global, its CEO and three executives on behalf of 130 investors and the Gyeonggi Nambu Police Department.

The Gyeonggi Nambu Police Agency is investigating V Global over an alleged cryptocurrency Ponzi scheme that allegedly defrauded around 69,000 people of 4 trillion won ($ 3.6 billion). while promising investors to triple their investments.

The “victims” of alleged crypto scams worth $ 3.6 billion continue to believe the exchange is legitimate
The “victims” of alleged crypto scams worth $ 3.6 billion continue to believe the exchange is legitimate

A notice posted on the company’s website states that the “false” claims are flatly denied. and that he has reported “defamation and obstruction of business” to the Seocho police.

A June 8 article by local media company JoongAng Daily stated that Police “recently encountered an obstacle” as some of the “victims” of the alleged fraud refused to report the case.

Police raided 22 V Global offices in South Korea last month, freezing $ 213 million in assets, according to the release. Company employees texted the victims to let them know that the company was not being investigated.

An anonymous man told JoongAng that he believed V Global cheated on his mother. “A few days ago, on June 2nd, they sent him a text message claiming that the police were not investigating anyone in the company,” the man said.

“They keep asking investors to wait and see to avoid being reported to the police.” he added.

In addition to selling your own native token, V Global promised that anyone who invests at least 6 million won worth about $ 5,381 will triple their investment by receiving dividends after six months.

“They tried to mimic a cryptocurrency trading platform, but it actually looks like they ran an illegal Ponzi scheme with investors.” said a police officer JoongAng.

According to the Yonhap news agency V Global also offered referral bonuses of 1.2 million won worth approximately $ 1,000 to bring new customers to the platform.

The article claims that V Global used the investments of the new members to distribute dividends to the existing members.

If V Global is found guilty, it would potentially be one of the largest cryptocurrency-related Ponzi schemes ever known. similar to the billionaire’s infamous OneCoin Ponzi scheme in 2015.

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