He might have born in Bikini Bottom, as he has a few ancestors that live in the area in which the city is located.
At some point, he married Betsy. The two had at least two children: a daughter and Eugene H. Krabs. When Eugene was five years old, Victor gave him a dollar.
At some point, he died. It is implied that he died before Eugene started his restaurant with Sheldon. If he did not die before then, then he divorced Betsy, as he is not around during that point in Eugene's life. If he divorced Betsy and their daughter was not an adult at the time, then Victor took their daughter with him.