The CEO of Delio, identified only as Mr. Jeong, received a 15-year prison sentence in South Korea after being found guilty in a $50 million fraud case that affected more than 1,100 people, local news outlet Newsis reported Thursday.
Delio, which went bankrupt in November 2024, accepted bitcoin and ether deposits, promised high yields and then locked customers out of their funds overnight on June 14, 2023. It
“While operating Delio, the defendant falsely obtained a virtual asset trading license and defrauded victims of approximately 70 billion won in virtual assets,” the Seoul Southern District Court said when handing down the sentence against Mr. Jeong.
Prosecutors initially sought a 20-year prison sentence for Mr. Jeong, but the court threw out a lot of the evidence due to procedural deficiencies, which were brought forward by Mr. Jeong’s lawyers. He was initially accused of defrauding 2,800 victims. The…
