November 17, 2021

69,000 Potentially out of Pocket in Alleged South Korean Exchange Scam

Source: Adobe/papii

Far more South Korean investors than previously thought appear to have been sucked into an alleged crypto scam revolving around the V Global crypto exchange.

As reported last month, police said that “mainly pensioners and housewives” had been the victims of the suspected fraud. Officers in Seoul and elsewhere swept on 22 locations, including the exchange’s offices and the homes of its executives.

Police initially feared some 40,000 people may have deposited their fiat and crypto in the exchange’s wallets and bank accounts, but per Maeil Kyungjae, the latest police figures show a much higher estimate –…

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