Delio CEO sentenced to 15 years in prison on crypto fraud in South Korea
Summary
A South Korean court sentenced Delio CEO Jeong Sang-ho to 15 years in prison for crypto fraud, embezzlement, and using a false trading license. He was found guilty of defrauding users of about 70 billion won, or roughly $49.3 million, by falsely presenting Delio as a licensed virtual asset platform. The court said many victims suffered severe financial losses that would be difficult to recover. Delio launched in 2022 as a “digital asset bank” promising high interest on crypto deposits, then froze withdrawals in June 2023 and later declared bankruptcy in November 2024. Jeong was indicted in April 2025. The case adds to a wider pattern of crypto-related scandals involving South Korean exchanges.
