Delio CEO faces 20-year sentence in $180M crypto fraud

Prosecutors in South Korea seek 20 years in prison for Delio CEO Jeong Sang-ho, accused of embezzling $180M in crypto from 2,800 investors. The verdict is due July 16.

South Korean prosecutors have requested a 20-year prison sentence for Jeong Sang-ho, CEO of the Delio crypto platform. He is accused of embezzling approximately 250 billion won (about $170–$181 million) in crypto assets from around 2,800 investors between August 2021 and June 2023. The case focuses on Delio's sudden suspension of withdrawals in June 2023 and charges of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes. Prosecutors allege Jeong engaged in deceptive practices, false advertising, and was uncooperative during the investigation and trial, which they claim worsened victims' losses. The defense acknowledged the scale of the issue and expressed responsibility to those affected, stating that compensation efforts would be made if acquitted. Victims present at the hearings demanded the harshest possible punishment. The verdict is scheduled for July 16.