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Delio is a Crypto investment platform that aggregates investment information, financial services, education, and communities.It offers products to earn income with cryptocurrencies, and lending services.
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South Korean court sentences Delio CEO to 15 years in prison
The Seoul Southern District Court in South Korea sentenced Jeong Sang-ho, CEO of the cryptocurrency platform Delio, to 15 years in prison for defrauding customers of approximately $49.2 million in crypto assets and forging registration documents.
South Korea sentences Delio CEO Jeong Sang-ho to 15 years in prison
According to The Block, the Seoul Southern District Court sentenced cryptocurrency platform Delio CEO Jung Sang-ho to 15 years in prison for defrauding customers of approximately 70 billion won (approximately $49.2 million) in crypto assets and forging documents to register as a Virtual Asset Service Provider. Prosecutors had previously requested a 20-year sentence, but the court dismissed the main fraud charges involving approximately 250 billion won (approximately $175.6 million) affecting about 2,800 victims, citing that evidence obtained from searching the server operator was illegally collected. The court also ordered his detention citing flight risk. Delio had suddenly suspended withdrawals in June 2023 and declared bankruptcy in November 2024.
Korean Prosecutors Seek 20-Year Prison Sentence for Delio's Former CEO
According to Odaily, Korean prosecutors have formally requested the court to sentence Jeong Sang-ho, the former CEO of crypto platform Delio, to 20 years in prison, charging him with large-scale economic fraud.During the closing arguments at the Seoul Southern District Court, prosecutors cited the local Act on the Aggravated Punishment of Specific Economic Crimes, accusing the defendant of long-term deliberate deception and false advertising, which resulted in approximately 2,800 investors having their funds locked and facing difficulty with withdrawals. Prosecutors stated that the defendant had clear fraudulent intent, the losses involved were massive, and he subsequently refused to cooperate with the investigation and deliberately shifted blame, continuously exacerbating the losses and hardships of the victims. Therefore, they sought the maximum penalty in accordance with the law. (Cointelegraph)