The CEO of South Korea's Delio was sentenced to 15 years in prison in the first trial for a $180 million cryptocurrency fraud case

According to Digital Asset, a South Korean court has made a first-instance ruling regarding Delio CEO Jeong Sang-ho involved in a cryptocurrency fraud case amounting to approximately 250 billion won (about 180 million USD), sentencing him to 15 years in prison.

The 11th Criminal Division of the Southern District Court of Seoul stated that Jeong's criminal conduct was serious, and he continued to shift responsibility to other companies while attempting to evade accountability. This ruling comes about three years and two months after Delio suspended withdrawals in June 2023.