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 a crab named Betsy. The two had at least two children: A daughter and Eugene H. Krabs. When Eugene was five years old, Victor gave Eugene 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, he then 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.