Delio CEO Jeong sentenced 15 years

On August 13, 2026, the South Korea — Seoul Southern District Court sentenced Delio CEO Jeong Sang-ho to 15 years in prison for cryptocurrency fraud. The court found him guilty of embezzlement and using false documents to register as a virtual asset service provider, defrauding customers of approximately 70 billion Korean won ($49.2 million) in crypto assets. The court acquitted him on the primary indictment alleging fraud of roughly 250 billion won ($175.6 million) from about 2,800 people, ruling that evidence obtained through a disputed server search was illegally collected. Prosecutors had sought a 20-year sentence. Delio, which offered high returns on crypto deposits, suspended withdrawals in June 2023 and was declared bankrupt in November 2024. Jeong's lawyers are expected to appeal. The case adds to a series of major crypto fraud prosecutions in South Korea, including Terra (blockchain) and V Global.