The CEO of the credit platform Delio faces a potential 20-year prison sentence., 2026/04/30 16:56:28

The South Korean prosecution has requested that the Seoul Southern District Court sentence Jeong Sang-ho, the CEO of the Delio platform, to 20 years in prison for allegations of significant cryptocurrency theft from clients and misappropriation of funds.

According to the prosecution, the founder of Delio misappropriated crypto assets amounting to 250 billion won (approximately $168.8 million), belonging to 2,800 users. From August 2021 to June 2023, the platform offered clients annual returns of up to 10.7% on invested Bitcoin, Ethereum, and USDT stablecoins. However, in June 2023, the service halted withdrawals. Delio’s management attributed this to the volatility of the cryptocurrency market, stating that they would do everything possible to safeguard client assets.

The prosecution asserts that Jeong Sang-ho deceived investors by disseminating misleading advertisements. The businessman allegedly encouraged individuals to deposit funds onto the platform while concealing the company’s deteriorating financial condition, according to the charges. He is also accused of failing to take responsibility during the investigation, which exacerbated the losses of affected investors.

The defense for the Delio founder has promised that if he is acquitted, he will compensate former clients for their losses. The court is expected to deliver a verdict on July 16.

In 2025, the Seoul Southern District Court acquitted Lee Hyung-soo, the CEO of Haru Invest, who was accused of misappropriating client funds and committing fraud amounting to $650 million. The court concluded that the company had conducted its operations in good faith.