South Korea sentences Delio CEO to 15 years for $50 million crypto fraud

A South Korean court has sentenced Jeong Sang-ho, the CEO of the collapsed cryptocurrency firm Delio, to 15 years in prison for fraud involving approximately $50 million. The case centers on Delio, which operated as a crypto deposit platform promising high returns on bitcoin and ether before abruptly freezing customer funds in June 2023.

Prosecutors had sought a 20-year sentence, noting that the collapse affected more than 1,100 investors. While the court declined to accept all evidence due to procedural issues raised by the defense, the ruling follows a series of high-profile cryptocurrency fraud cases in South Korea, including the Terraform Labs and V Global scandals.