South Korean prosecutors demand 20-year imprisonment for Delio CEO

According to Yonhap News Agency, South Korean prosecutors have accused Delio CEO Chung Sang ho of stealing approximately 250 billion Korean won (about 190 million US dollars) in virtual assets from around 2800 victims and are demanding a 20-year sentence. Delio suspended withdrawals on June 14, 2023, after attracting investors to deposit cryptocurrency assets with high interest rates. The prosecutor claimed that their fraudulent behavior and false advertising caused significant losses and refused to cooperate with the investigation. The first instance verdict will be announced on July 16th.