South Korean Crypto Exchange V Global Suspected of Defrauding $1.5B
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The South Korean Police has launched an investigation into crypto exchange V Global, local media have reported.

The police has searched 22 locations, including the platform's headquarters in Seoul and employees' apartments, and has frozen 240 billion won (about $214 million) in bank accounts owned by V Global.

The company's executive team is suspected of organizing a multi-level fraudulent scheme.

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Since last August, the crypto trading platform has received 1.7 trillion won (around $1.51 billion) in deposits from 40,000 investors.

V Global promised investors the initial investment would triple in value within six months. Some of these managed to receive dividends thanks to the investments of subsequent investors. However, most have not even been able to recover their initial investment.

The platform also offered bonuses for attracting new investors.

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