Delio CEO Sentenced to 15 Years for Crypto Fraud
A South Korean court has sentenced Delio's CEO, Jeong Sang-ho, to 15 years in prison for defrauding users of approximately $49.3 million in virtual assets.
The conviction follows a case where Delio, a 'digital asset bank' launched in 2022, marketed high interest on crypto deposits but froze customer withdrawals in June 2023 and declared bankruptcy in November 2024.
Jeong was found guilty of embezzlement and using a false trading license, but received no detention for defrauding users of $175 million.