Prosecutors say Jeong Sang-ho’s “active deceptive acts” left nearly 2,800 investors frozen out of their funds, as South Korea's crackdown on the crypto industry widens. South Korean prosecutors have requested a 20-year prison sentence for the CEO of crypto deposit service Delio, calling the scale of alleged fraud against thousands of investors “massive.” During closing arguments at the Seoul Southern District Court on Thursday, prosecutors asked the court to sentence Jeong Sang-ho under the Act on Aggravated Punishment of Specific Economic Crimes, citing what they described as deliberate deception and false promotion that left nearly 2,800 victims without access to their funds, according to the Korean news agency Yonhap. “The defendant’s active deceptive acts and false promotion have resulted in numerous victims, and the scale of the damage is massive," prosecutors reportedly said, adding that Jeong was “exacerbating their suffering by evading responsibility and maintaining an uncooperative attitude.” Read mo...
More than a year after being indicted on fraud charges related to his activities at crypto company Delio, Jeong Sang-ho faces prison time in South Korea. A judge in South Korea reportedly sentenced Delio CEO Jeong Sang-ho to 15 years in prison after he was found guilty of defrauding users out of about $50 million in crypto. According to a Thursday report from South Korean news outlet Newsis, the 11th Criminal Division of the Seoul Southern District Court sentenced Jeong after his conviction on charges related to embezzlement and the use of a false trading license, but the CEO received no detention for defrauding users of $175 million. “While operating Delio, [Jeong] falsely obtained a virtual asset trading license and defrauded victims of approximately 70 billion won [$49.3 million] in virtual assets,” said the court, adding: Read more