Jeong Sang-ho faces fraud allegations tied to about 250 billion won in virtual assets, with sentencing scheduled for Aug. 13.
South Korean prosecutors have renewed their request for a 20-year prison sentence for Delio CEO Jeong Sang-ho in a case tied to about 250 billion won in virtual assets, Digital Asset reported. The case stems from allegations that Jeong abruptly halted withdrawals from Delio in June 2023 and fraudulently took the assets under the Act on the Aggravated Punishment of Specific Economic Crimes. He was also indicted over claims that Delio’s virtual asset service provider registration was accepted by financial authorities through improper means, in alleged violation of the Act on Reporting and Using Specified Financial Transaction Information. Sentencing is scheduled for 5:00 a.m. UTC on Aug. 13.