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Delio CEO sentenced to 15 years for $50 million crypto fraud
The Seoul Southern District Court said Delio promised high yields before blocking withdrawals on June 14, 2023, after taking bitcoin and ether deposits.
CoinDesk reports that a South Korean court sentenced Delio’s CEO, identified only as Mr. Jeong, to 15 years in prison for defrauding more than 1,100 investors in a roughly $50 million crypto scheme.
According to CoinDesk, Delio accepted bitcoin and ether deposits from customers with promises of high yields, then abruptly blocked customer withdrawals overnight on June 14, 2023. The outlet also reports that Delio filed for bankruptcy in November 2024.
CoinDesk says the Seoul Southern District Court found Jeong guilty of obtaining a virtual asset trading license and defrauding victims of approximately 70 billion won in virtual assets. Prosecutors had sought a 20-year term and alleged 2,800 victims, but the court excluded some evidence on procedural grounds.
CoinDesk adds that the case is part of a wider set of major crypto fraud prosecutions in South Korea, following other high-profile outcomes including the TerraUSD and Luna collapse tied to Do Kwon, and prison sentences related to a $1.7 billion fraud involving V Global.
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