Delio CEO sentenced to 15 years for crypto fraud
Seoul Southern District Court sentenced Delio chief executive Jeong Sang-ho to 15 years in prison for fraud involving nearly 70 billion won in customer crypto assets and ordered him detained due to flight risk. Prosecutors had sought 20 years, but key database evidence from an outsourcing company server was excluded after the court accepted arguments of unlawful search and seizure, reducing the case from an alleged 250 billion won across about 2,800 customers to a conviction on an alternative indictment covering roughly 70 billion won and over 1,078 victims. Delio's collapse followed Haru Invest's suspension of withdrawals in June 2023, triggering a liquidity crisis and bankruptcy.
CEO convicted and sentenced for embezzling about 70 billion won
Context
Delio offered high returns and placed customer assets with Haru. Haru suspended…
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- Full ContextLocked
- Affected SectorsLocked
- Stock ImpactLocked
- Economic IndicatorRising risk premia on unsecured crypto…Locked
- Investor RelevanceLocked
- Professional RelevanceLocked
- Watch PointsAppeal and detention review hearing…Locked
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- Debate PointsLegality of the Gabia server search and…Locked
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