Delio CEO sentenced to 15 years in prison on crypto fraud in South Korea
More than a year after being indicted on fraud charges related to his activities at crypto company Delio, Jeong Sang-ho faces prison time in South Korea.
Delio's CEO, Jeong Sang-ho, has been sentenced to 15 years in prison in South Korea for defrauding users out of approximately $50 million in cryptocurrency. The 11th Criminal Division of the Seoul Southern District Court found him guilty of embezzlement and using a false trading license while operating Delio. The court stated that Jeong falsely obtained a virtual asset trading license and defrauded victims of around 70 billion won ($49.3 million) in virtual assets.
Delio, launched in 2022, presented itself as a "digital asset bank" offering high interest on crypto deposits. However, the exchange stopped customer withdrawals in June 2023 and filed for bankruptcy in November 2024, prompting Jeong's indictment on fraud charges in April 2025. This case is one of several crypto-related fraud incidents involving South Korean exchanges.
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