Top manager of the South Korean crypto exchange V Global received eight years in prison

A South Korean court found guilty of defrauding one of the top executives of the V Global cryptocurrency exchange, which deceived more than 50,000 investors for a total of $1.7 billion.. A top manager by last name Yang – the name was not disclosed – will have to serve an eight-year sentence.. His unnamed colleague received three years. Earlier, there was another court case in which a man named Lee was involved – he is called the CEO of the company.. He got 25 years in prison. Five other people associated with the crypto exchange received terms. The investigation lasted almost two years.. Investigators say that the V Global trading platform was almost indistinguishable from a real cryptocurrency exchange, but in fact the sign was used for a multi-level financial pyramid.. Clients were offered to invite new members in exchange for a monetary reward. The attention of investigators was attracted by complaints from investors who complained that they could not withdraw their tokens from the exchange, and the promised 300% profit smelled like a trick.. Shortly after the investigation began, the company's management began to destroy evidence and interfere with the progress of the case. Earlier it was reported that the South Korean authorities quadrupled spending on tools for spying on crypto assets – the funds mainly went to the South Korean police and prosecutors.