According to Yonhap News Agency, prosecutors in South Korea sought a 20-year prison term for Delio CEO Jeong Sang-ho on Thursday during closing arguments at Seoul Southern District Court. Jeong was charged with violating the Act on Aggravated Punishment of Specific Economic Crimes in connection with the embezzlement of approximately 250 billion won ($168.8 million) in crypto assets from about 2,800 victims between August 2021 and June 2023. Prosecutors alleged that Jeong engaged in deceptive conduct and false promotion, exacerbating victims’ losses through an uncooperative attitude. The court is scheduled to deliver its first-instance ruling on July 16.
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