South Korea Prosecutors Seek 20-Year Sentence for Delio CEO in $190 Million Crypto Case

According to prosecutors, Delio CEO Jeong Sang-ho should receive a 20-year sentence over alleged crypto fraud affecting about 2,800 investors after customer funds became difficult to redeem.

26d ago

Fact Check

All three sources, including the authoritative Korean-language Yonhap News Agency primary report, independently confirm that South Korean prosecutors requested a 20-year prison sentence for Delio CEO Jeong Sang-ho on April 30, 2026, in connection with crypto fraud affecting approximately 2,800 investors. The underlying KRW figure of 250 billion won is consistent across all sources; the dollar equivalent varies between ~$168.5M (The Block) and ~$190M (claim title) due to exchange rate differences at time of conversion, but this does not undermine the substance of the claim. The investor count of ~2,800 is confirmed by all sources. The claim is accurate in all material respects.

Summary

South Korean prosecutors have requested a 20-year prison term for Delio CEO Jeong Sang-ho in a case involving alleged large-scale crypto fraud and embezzlement. During closing arguments at the Seoul Southern District Court, prosecutors cited aggravated economic crime laws and said customer funds became difficult to redeem. Prosecutors allege he stole 250 billion won, or about $190 million, in virtual assets from roughly 2,800 victims. Delio suspended withdrawals on June 14, 2023, and the first-instance ruling is scheduled for July 16.

Terms & Concepts

Virtual assets: A regulatory and legal term commonly used in Asia for cryptocurrencies and other digital tokens held or transferred on blockchain networks.
Withdrawal halt: A suspension of customer asset withdrawals by a crypto platform, often associated with liquidity shortages, custody issues, or legal and operational disruptions.
First-instance ruling: The initial court judgment in a case, which may be followed by appeals in higher courts.