South Korean prosecutors again seek 20 years for Delio CEO in 250 billion won crypto case

South Korean prosecutors have again sought a 20-year prison term for Delio CEO Jeong Sang-ho over alleged fraud involving about 250 billion won in virtual assets, Digital Asset reported. Sentencing is scheduled for 5:00 a.m. UTC on Aug. 13. The case centers on allegations that Jeong abruptly suspended withdrawals from Delio, a virtual-asset deposit service, in June 2023 and fraudulently took about 250 billion won under the Act on the Aggravated Punishment of Specific Economic Crimes. Jeong was also indicted on charges of having Delio’s virtual asset service provider registration accepted by financial authorities through improper means, in violation of the Act on Reporting and Using Specified Financial Transaction Information.