Delio CEO sentenced to 15 years for $49M crypto fraud

Delio CEO Jeong Sang-ho received 15 years for defrauding customers of $49M in crypto after Seoul court dismissed the main $176M charge due to inadmissible evidence.

Delio CEO Jeong Sang-ho has been sentenced to 15 years in prison by the Seoul Southern District Court for his role in a crypto fraud case. Jeong was found guilty of defrauding customers of approximately 70 billion won ($49 million) and using falsified documents to register Delio as a virtual asset service provider (VASP). The main charge, alleging fraud of about 250 billion won ($176 million) from 2,800 victims, was dismissed after the court ruled that key evidence was unlawfully obtained during a search and seizure at Delio's server host. As a result, Jeong was convicted on lesser charges involving around 1,100 victims and 70 billion won. Delio halted customer withdrawals in June 2023 and was declared bankrupt in November 2024. The court cited the seriousness of Jeong's actions and his attempts to evade responsibility as factors in the sentencing, which was five years shorter than prosecutors had requested.