Delio CEO Appeals 15-Year Prison Sentence in Landmark Crypto Fraud Case

Jeong Sang-ho, CEO of Delio, has appealed his 15-year prison sentence in a landmark crypto fraud case. The appeal was filed on August 14 with the Seoul Southern District Court and confirmed through the Supreme Court's case search system on August 16.

The case involves approximately 70 billion won ($51 million) in customer digital assets that went missing when Delio suspended withdrawals in June 2023. The court found that Delio had misrepresented its stability and shifted blame to other companies, failing to take responsibility for the losses.

Jeong's appeal will be reviewed by a higher court, likely the Seoul High Court, where both the defense and prosecution will present their arguments. This process can take several months or longer, delaying any potential compensation or restitution for the victims.