South Korea jails Delio CEO for 15 years over $49M crypto fraud

South Korea has sentenced Delio CEO Jeong Sang-ho to 15 years in prison after a Seoul court found him guilty of defrauding customers of about 70 billion won ($49.2 million) in crypto assets. Summary Delio CEO Jeong Sang-ho has been sentenced to 15 years in prison for defrauding customers of about $49.2 million in crypto assets. The court acquitted Jeong of the main $175.6 million fraud charge after ruling that key evidence had been illegally obtained. Jeong was ordered into detention over flight risk concerns, while prosecutors had sought a 20-year prison sentence. Delio suspended customer withdrawals in June 2023 and was declared bankrupt in November 2024. According to local news outlet Newsis, the Seoul Southern District Court convicted Jeong on most of the charges against him, including fraud, embezzlement, and the use of false documents in Delio’s registration as a virtual asset service provider. Judge Jang Chan, who presided over the case, also ordered Jeong to be detained after the ruling. NoCut News reported that the court cited concerns that he could flee. The 15-year prison term was lower than the 20-year sentence prosecutors had requested during closing arguments earlier ...