Seoul’s southern district court just sealed the fate of Delio CEO Jeong Sang-ho with a 15-year prison term for fraud that siphoned nearly 70 billion Korean won from customer crypto holdings. The 11th Criminal Division led by Judge Jang Chan delivered this verdict on August 13.
The judge also ordered immediate detention over flight risks 🔒.
Serious Prison Time Handed Down 🖤
Prosecutors pushed for 20 years yet the court set aside parts of their case after the defense highlighted an unlawful server seizure at Gabia. Prosecutors failed to let Delio join the search process and skipped providing any seized items list which made key database evidence unusable.
The ruling emphasized how the defendant embezzled huge sums from many victims with serious circumstances and damage scale that showed deep offense gravity. No forgiveness came from those hit by major economic hits.
Still the court noted outside factors played a role and Sang-ho lacked prior records beyond minor fines which cut the outcome sharply from the original 250 billion won claim involving around 2,800 customers.
After dropping inadmissible parts the verdict stuck to an alternative count of 70 billion won affecting over 1,078 victims 💰.
Ties to Haru Collapse 🌑
Delio once promised high crypto deposit yields as a digital asset haven but its fall tied straight to Haru Invest’s own implosion. The platform routed some customer assets into Haru for returns only to face sudden withdrawal halts in June 2023 from B&S Holdings issues which forced Delio’s own pause and sparked full liquidity meltdown 📉.
This chain reaction sealed the bankruptcy path 🕸️.
Just another echo from the void by iconofsin.eth 💖
