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Lawsuit accuses Korean crypto change of $ 3.5 billion rip-off, tens of 1000’s of scams – Bitcoin exchanges information

A category motion lawsuit has been filed in South Korea accusing the V International cryptocurrency change of defrauding traders. Police are stated to have estimated that 69,000 folks have invested within the crypto change and that the injury quantities to three.8 trillion gained.

Crypto Alternate sued for defrauding traders

South Korean cryptocurrency change V International has been charged with fraud price 3.8 trillion gained ($ 3.5 billion).

A category motion lawsuit was filed by 130 victims. Daegeon, a legislation agency representing the victims, stated: “The 130 victims have determined to file a joint grievance with the Gyeonggi Southern Police Company towards three executives and staff, together with the CEO of V International, a crypto change. change, June 4. ” In response to native media:

Police estimate that 69,000 victims have invested with V International and that the injury quantities to three.8 trillion gained.

Han Sang-joon, lawyer at Daegeon, defined that there have been “truly 20,000 to 30,000 victims who didn’t get their a refund, and 600 billion to 1,000 billion gained in money who didn’t get their a refund. not reimbursed “. Nevertheless, he careworn that “it could possibly be larger”. In April, V International filed a defamation lawsuit towards Daegeon.

V International held briefings throughout the nation from August of final yr till not too long ago, promising traders that in the event that they open an account with the crypto change and deposit not less than 6 million gained on the account, they “will get again 18 million gained, thrice the funding in a brief time period.”

Victims additionally stated that V International divided traders into 7 tiers and promised to pay them each time they bring about in a brand new member. Buyers quickly realized that the crypto change operated a Ponzi scheme and that the funding of current members is paid again with cash from new members. V International has additionally issued its personal native token.

Gyeonggi Nambu Police Company suspected unlawful actions at V International earlier this yr and launched an investigation. Police are reportedly increasing their investigation nationwide for the reason that firm held funding briefings and recruited traders from throughout the nation.

Police raided the cryptocurrency change final month and V International misplaced 240 billion gained. Nam Gu-jun, head of the nationwide investigation headquarters, stated, “We’ve got booked round 60 suspects thus far, and we’re analyzing the confiscated objects previous to cost.

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