A Seoul court sentenced Delio’s CEO to 15 years for embezzling $50 million from over 1,100 investors in a high-yield crypto scheme.
A South Korean court sentenced Delio CEO Mr. Jeong to 15 years in prison for defrauding more than 1,100 investors of $50 million in digital assets. The scheme involved promises of high yields before withdrawals were abruptly blocked in June 2023, leading to Delio’s bankruptcy in November 2024.
Prosecutors had sought a 20-year term, alleging 2,800 victims, but the court excluded some evidence on procedural grounds. The case highlights ongoing regulatory scrutiny of crypto platforms in South Korea, following a series of high-profile fraud prosecutions.
The Seoul Southern District Court stated Jeong falsely obtained a virtual asset trading license and misappropriated approximately 70 billion won in customer deposits.