Crypto platform operator gets 15-year prison sentence in South Korea due to $50 million scam

A South Korean court has sentenced the head of cryptocurrency lender Delio to 15 years in prison for embezzling digital assets from over 1,100 customers, totalling $50 million.

The sentence was handed down after the court found the defendant guilty of embezzlement. According to CoinDesk, the defendant was found to have embezzled assets from more than 1,100 customers.

South Korea's financial regulator, the Financial Services Commission, has also been active in tightening regulations on cryptocurrency transactions. The Korea Times reports that the Commission has approved an amendment to extend the "travel rule" to all crypto transfers, including those below 1 million won ($705).

Brief written by urgent.news from CoinDesk, The Korea Times — 2 reports on this story. Machine-written — it may contain errors, so check the original before relying on it.