Victims of an alleged $3.6 billion crypto Ponzi scheme in South Korea are reportedly hampering the progress of a police investigation and a joint l
Victims of an alleged $3.6 billion crypto Ponzi scheme in South Korea are reportedly hampering the progress of a police investigation and a joint lawsuit — as they nonetheless imagine within the mission and maintain out hopes of getting a return on their investments.
On June 4, Korean regulation agency Daegon reportedly filed a joint grievance towards V World, its CEO, and three executives on behalf of 130 traders and the Gyeonggi Nambu Police Company.
The Gyeonggi Nambu Police Company is reportedly investigating V World for an alleged crypto Ponzi scheme that reportedly defrauded round 69,000 individuals out of Four trillion received ($3.6 billion) — whereas promising traders they’d triple their investments.
A discover on the corporate’s web site says that it strongly denies the “false” claims and has filed a grievance with the Seocho Police “for defamation and obstruction of enterprise”.
A June eight article from native media outlet JoongAng Every day states the police have “hit a snag not too long ago” as a number of the “victims” of the alleged Ponzi scheme have refused to report the case.
Based on the publication, regardless of police raiding 22 of V World’s places of work throughout South Korea final month — and freezing $213 million of belongings within the course of — staff off the agency have been messaging victims to inform them that the corporate just isn’t below investigation.
An unnamed man advised JoongAng he believed his mom had been scammed by V World. “A number of days in the past, on June 2, they despatched her a textual content message alleging that nobody within the firm is being investigated by the police,” the person stated.
“They maintain telling the traders to attend and see, to stop them from reporting them to the police,” he added.
Together with promoting its personal native token, V World reportedly promised that anybody who invested a minimal of 6 million received, price roughly $5381, would triple their funding by being paid out in dividends after six months.
“They tried to mimic a cryptocurrency buying and selling platform, however in fact, they seem to have been working an unlawful Ponzi scheme on the traders,” a police officer advised JoongAng.
Based on Yonhap information company, V World additionally provided referral bonuses of 1.2 million received, price round $1000 for bringing new shoppers to the platform.
The article alleges that V World used the investments from new members to pay out the dividends to present members.
If V World is discovered responsible, it could doubtlessly be one of many greatest crypto-related Ponzi schemes on document, similarly to the notorious multi-billion Ponzi scheme from OneCoin in 2015.