Newsis reported on Thursday (13) that Delio CEO Jeong Sang-ho was sentenced to 15 years in prison for fraud involving crypto assets in South Korea.
The 11th Criminal Division of the Seoul Southern District Court convicted Jeong after finding him guilty of embezzlement and use of a false virtual asset trading license. According to the court, he obtained the license improperly and misappropriated about 70 billion won (US$ 49.3 million) in victims' crypto assets.
The court said: "Numerous victims suffered significant economic damages due to this case, which is difficult to recover from."
Delio's history
Delio was launched in 2022 and presented itself as a "digital asset bank," offering high interest on crypto deposits. The company froze customer withdrawals in June 2023 and declared bankruptcy in November 2024. Jeong was indicted on fraud charges in April 2025.
The Delio case is the latest example of fraud involving cryptocurrencies among South Korean companies in the sector. Terraform Labs co-founder Do Kwon was arrested in Montenegro and extradited to the US, where he was sentenced to 15 years in prison in December 2025.
