Key facts
- Jeong Sang-ho, CEO of Delio, was sentenced to 15 years in prison.
- The charges include fraud and using false documents.
- The fraud involved approximately $49 million.
- The court excluded key evidence in the case.
- Jeong Sang-ho was convicted on lesser charges due to excluded evidence.
- Delio is a South Korean crypto lender.
- Delio is a virtual asset service provider.
Jeong Sang-ho, the CEO of South Korean cryptocurrency lender Delio, has been sentenced to 15 years in prison. The conviction is for fraud and for using false documents to register as a virtual asset provider. The court's decision to exclude key evidence led to a conviction on lesser charges than originally intended. The fraud involved approximately $49 million. Delio, a virtual asset service provider, faced allegations of misappropriating customer assets and operating without proper registration. The sentencing marks a significant development in the ongoing scrutiny of the cryptocurrency sector in South Korea.