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Delio CEO receives 15-year prison sentence
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Delio CEO receives 15-year prison sentence

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  • South Korean crypto lender Delio CEO Jeong Sang-ho received a 15-year prison sentence over the company’s collapse.
  • The case involves about 250 billion won in crypto assets linked to roughly 2,800 users.
  • The ruling follows prosecutors’ earlier request for a 20-year sentence over alleged embezzlement and deception.

South Korean court sentenced Delio CEO Jeong Sang-ho to 15 years in prison over a crypto asset case.

Prosecutors had sought a 20-year sentence after alleging that about 250 billion won was misappropriated.

The case involves nearly 2,800 users whose crypto assets were affected after Delio suspended withdrawals in June 2023.

Jeong was accused of embezzling crypto assets and using deceptive promotion while operating the deposit service.

Delio offered returns of up to 10.7% annually on assets including Bitcoin (CRYPTO:BTC), Ether (CRYPTO:ETH) and Tether (CRYPTO:USDT).

The company later entered bankruptcy proceedings after failing to return customer assets following the withdrawal suspension.

The case is part of South Korea’s wider enforcement against crypto businesses following several major platform failures.

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