A Korean court ruled on the fraud of the encrypted lending platform Delio, and Jeong, head of the platform, was sentenced to 15 years ' imprisonment. The court found that the case involved more than 1100 customers, with a loss of approximately $50 million.
Delio had received deposits of bitcoin and the Ethera and promised high returns. The platform suddenly stopped the client's presentation in June 2023 and went bankrupt in November 2024.
Details of the case
- The prosecution initially sought 20 years of imprisonment.
- The prosecution claimed that the number of victims had at one time reached 2,800.
- The court stated that part of the evidence had not been admitted for procedural reasons.
The Korean encryption fraud continues to ferment.
This sentence also continues the harsh handling of encryption fraud cases in Korea in recent years. Previously, the case of Do Kwon, co-founder of Terraform Labs, and the V Global Exchange executive case had raised market concerns.