Delio CEO Sentenced to 15 Years in Prison Over $49M Crypto Fraud
A South Korean court sentenced Delio CEO Jeong Sang-ho to 15 years in prison after finding him guilty of fraud and embezzlement tied to the collapsed crypto lender.
The Seoul Southern District Court said Jeong falsely obtained a virtual asset trading license and defrauded customers of about 70 billion won ($49.3 million) in crypto assets. The court said victims suffered significant financial losses that would be difficult to recover.
Delio launched in 2022 as a “digital asset bank,” offering high yields on crypto deposits. It froze customer withdrawals in June 2023, filed for bankruptcy in November 2024 and Jeong was indicted in April 2025.
The court did not order detention over a separate allegation involving roughly $175 million in customer losses.
A South Korean court sentenced Delio CEO Jeong Sang-ho to 15 years in prison after finding him guilty of fraud and embezzlement tied to the collapsed crypto lender.
The Seoul Southern District Court said Jeong falsely obtained a virtual asset trading license and defrauded customers of about 70 billion won ($49.3 million) in crypto assets. The court said victims suffered significant financial losses that would be difficult to recover.
Delio launched in 2022 as a “digital asset bank,” offering high yields on crypto deposits. It froze customer withdrawals in June 2023, filed for bankruptcy in November 2024 and Jeong was indicted in April 2025.
The court did not order detention over a separate allegation involving roughly $175 million in customer losses.