South Korean authorities appear to have tightened their control over the digital asset space. As such, two high-ranking execs, named Mr.Yang and Mr. Oh of the fraudulent crypto exchange, V Global, were sentenced to eight years and three years, respectively, for their role in defrauding investors.

V Global reportedly lured investors by promising 300% returns. The exchange, which operated between July 2020 and April 2021, required new users to create accounts and deposit approximately 6 million Korean won initially with a supposedly guaranteed return of 18 million won.

During its one year of operation, V Global managed to rake in nearly 50,000 investors by promising users 12 million won in a commission similar to a pyramid scheme. Some executives were nabbed while most employees were under investigation for violating the Act on the Regulation of Similar Reception Act, fraud, and violation of the Door-to-Door Sales Act.

The estimated victim count stands somewhere near 52,000. Daegun law firm, which represents the V Global invest, rs earlier revealed that most of the victims were middle-aged or senior citizens who sought a “stable life after retirement.” At least one victim has died by suicide after being scammed.