South Korea seeks 20-year sentence for Delio CEO over $169M crypto fraud

South Korean prosecutors have asked a court to sentence Delio CEO Jeong Sang-ho to 20 years in prison over a crypto fraud case tied to the platform's 2023 withdrawal freeze.

Yonhap reported that prosecutors made the request at the Seoul Southern District Court on April 30. The case concerns alleged embezzlement or theft of about 250 billion won, roughly $169 million, and reports say about 2,800 investors were affected.

Delio suspended withdrawals on June 14, 2023, triggering one of South Korea's most closely watched crypto platform failures. The sentencing phase is now moving toward a first-instance verdict scheduled for July 16, 2026.

The case is significant because it tests how aggressively South Korean prosecutors are willing to punish alleged misconduct in the digital-asset sector after a high-profile collapse that locked up customer funds.

For victims, the key question is whether the court will accept the prosecution's full 20-year request or impose a different term when it rules in July.