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FollowingSouth Korean court sentenced Delio CEO Jeong Sang-ho to 15 years in prison for a 70 billion won cryptocurrency fraud case
South Korean District Court sentenced Delio CEO Jeong Sang-ho to 15 years in prison for fraud, involving embezzling nearly 70 billion won (approximately US$49.2 million) of customers 'encryption assets. The 11th Criminal Department, presided over by Judge Zhang Can, issued the above judgment on August 13.
The court also ordered Zheng Xianghao to be detained for fear of absconding.
15 years in prison
The prosecution initially requested a sentence of 20 years in prison, but the court rejected some of the prosecution's evidence after accepting Zheng Xianghao's defense opinion. The defense argued that the search and seizure of the outsourcing company Gabia servers were unlawful.
The court stated that prosecutors failed to protect Delio's right to participate in the search and did not provide a list of seized items, so neither the company's database information nor relevant derivative evidence were admitted.
When sentencing, the court stated: "The defendant was guilty of embezzling huge amounts of funds from many victims. Considering the circumstances of the crime, methods and scale of the losses, the nature of the crime is extremely serious. The defendant has so far not obtained the understanding of the victims who have suffered severe economic losses as a result of this case."
At the same time, the court also acknowledged the impact of external factors on the case and pointed out that Zheng Xianghao had no previous criminal record of being punished more than a fine. This verdict was significantly reduced from the size of the case originally charged by prosecutors with approximately 250 billion won (approximately 176 million U.S. dollars) and approximately 2800 victims. After excluding evidence related to larger charges, the court found Zheng Xianghao guilty based on prosecutors 'alternative prosecutions against approximately 70 billion won and more than 1078 victims.
Crisis and Haru Invest connection
Delio once provided high returns on cryptocurrency deposits and calls itself a digital asset bank. Its subsequent collapse was closely related to the collapse of crypto revenue platform Haru Invest. According to reports, Delio deposited some customer assets in Haru to earn income, which put the South Korean lending institution at huge risk when Haru suddenly suspended its offer in June 2023 due to problems with service provider B&S Holdings.
This forced Delio to subsequently suspend withdrawals, which triggered a liquidity crisis that ultimately led to its bankruptcy.
