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Delio CEO gets 15-year prison term in South Korea $50M crypto fraud

The court said Delio promised high yields after taking bitcoin and ether deposits, then locked withdrawals in June 2023 before the firm filed for bankruptcy in November 2024.

Reported · Written up by our desk · Regulation

A South Korean court sentenced Delio CEO Jeong to 15 years in prison for a crypto fraud that prosecutors said involved $50 million worth of bitcoin and ethereum tied to more than 1,100 investors, according to CoinDesk and reporting from Newsis.

Delio accepted bitcoin BTC deposits and ether ETH deposits while promising high yields, but in June 2023 it abruptly blocked customer withdrawals overnight on June 14. Delio later went bankrupt in November 2024.

The Seoul Southern District Court said the defendant falsely obtained a virtual asset trading license and defrauded victims of approximately 70 billion won in virtual assets. Prosecutors had sought a 20-year sentence and alleged 2,800 victims, but the court excluded some evidence on procedural grounds.

Jeong is expected to appeal the sentence. CoinDesk notes the ruling adds to a string of major crypto fraud cases in South Korea.

Latest closeBitcoin $63,420.80 ▲0.0%|Ethereum $1,885.62 ▲0.4%

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