A Seoul court sentenced Jeong Sang-ho, CEO of crypto deposit platform Delio, to 15 years in prison for fraud. He was convicted of embezzling approximately 70 billion won, equivalent to $49 million, from around 1,100 victims. The sentence was based on fallback charges after the court ruled evidence seized from Delio’s servers inadmissible due to an unlawful search and seizure. Jeong was also convicted of registering Delio as a virtual asset service provider using falsified documents that overstated its crypto holdings by 47.6 billion won. The platform, which marketed itself as a digital asset bank and offered high interest rates on Bitcoin and Ethereum deposits, halted withdrawals in June 2023 before being declared bankrupt in November 2024.
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