A group of 130 investors has filed a lawsuit against the crypto exchange company V Global. It is alleged to be responsible for a crypto Ponzi scheme that defrauded its investors in South Korea. The company has been accused of swindling its investors out of a hefty amount approximated at $3.6 billion.
The case has been met with numerous challenges that have continued to deprive the victims of justice. The company stated on its websites and texted its investors, denying that they are under investigation and that the claims are false.
They even went ahead and filed complaints with the police citing defamation and obstruction of business. Other investors-cum- victims have also contributed to these challenges by refusing to file reports with the police.
On the other hand, the police have held their stance that V Global deceived investors by presenting themselves as a crypto trading platform while running an illegal Ponzi scheme.
The company had promised its investors handsome returns of up to triple their initial investments. Their case is worsened because they issued bonuses worth up to 1.2 million as incentives for members to bring new clients to the scheme.
The cryptocurrency world has been mired with incidents such as the OneCoin scheme orchestrated by the infamous Ruja Ignatova, resulting in major losses for investors. Other more successful cases include incidents in Argentina and America where the fraudsters were served with lawsuits.