Korean court upholds Upbit's right to block withdrawals amid Delio CEO's crypto fraud trial

A South Korean court upheld local crypto exchange Upbit's right to suspend crypto and fiat withdrawals from the account of Jung Sang-ho, CEO of virtual asset deposit platform Delio, based on suspicions of illegal activities, according to a report by Digital Asset. The court noted that Upbit's terms of service allow its parent company, Dunamu, to restrict transactions if there are reasonable grounds to suspect illegal activities such as market manipulation or money laundering. Jung, who currently faces trial without detention for allegedly deceiving customers and stealing around 245 billion won ($166 million) worth of cryptocurrency, appealed the decision but later withdrew his lawsuit on Aug. 23, 2024.