Delio (South Korea Crypto Lender Fraud)
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anchored·4yVHMy…Y3NQSummary
Delio was South Korea's first VASP-licensed cryptocurrency deposit and lending platform, founded in 2018 by CEO Jeong Sang-ho. In June 2023, the platform abruptly froze approximately $169–180 million in customer withdrawals affecting roughly 2,800 investors, citing market volatility linked to the concurrent collapse of sister-platform Haru Invest and cascading losses from the November 2022 FTX bankruptcy. A Seoul court declared Delio bankrupt on November 22, 2024, and prosecutors at Seoul Southern District Court demanded a 20-year prison sentence for Jeong Sang-ho in April–May 2026, with a first-instance verdict scheduled for July 16, 2026.
Connected Entities
4 entities · 60 linked investigations- Delio (South Korea Crypto Lender Fraud)→mentioned with→FTX(70%)
- Delio (South Korea Crypto Lender Fraud)→mentioned with→Bitcoin(65%)
- Delio (South Korea Crypto Lender Fraud)→mentioned with→Haru Invest(80%)
- FTX→mentioned with→Bitcoin(70%)
- Haru Invest→mentioned with→Bitcoin(65%)
Connected Through
3 shared actors · 491 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- ♦Bitcointoken
- □FTXorganization
- □Haru Investorganizationalso in
2 submissions awaiting moderator review.
Timeline(21 events)
2018
Delio founded by CEO Jeong Sang-ho in South Korea as a cryptocurrency deposit and lending platform.
FinTech GlobalAugust 2021
Alleged embezzlement period begins, per prosecutors. Delio begins offering yield products including returns of up to 10.7% APR on Bitcoin, Ether, and USDT deposits.
CoinTelegraph2021
Delio launches Delioswap, a decentralized exchange, entering the DeFi market.
U.Today Press Release2022
Delio becomes the first crypto lending and depositing company in South Korea to receive a VASP license from the Korea Financial Intelligence Unit (KoFIU).
CoinTelegraph Press ReleaseJuly 2022
Delio publicly launches as South Korea's first 'crypto bank,' managing approximately $1.3 billion in digital assets (41,743 BTC and 118,083 ETH).
DecryptNovember 2022
FTX exchange collapses. A significant portion of Delio's customer assets held in FTX accounts become irrecoverable. Related entity B&S Holdings allegedly loses 350 billion Korean won through FTX exposure.
Dzilla13 June 2023
Haru Invest halts all withdrawals, citing false information from B&S Holdings. Haru reports 350 billion Korean won in losses from FTX exposure via B&S.
Decrypt14 June 2023
Delio suspends all customer withdrawals, citing market volatility and the Haru Invest situation. Approximately 250 billion Korean won (~$169–180 million) belonging to ~2,800 investors is frozen.
Decrypt16 June 2023
Class-action lawsuits filed against both Haru Invest and Delio in South Korean courts.
The Korea TimesSeptember 2023
South Korea's FIU imposes a three-month business suspension and a fine of ~1.896 billion Korean won on Delio for AML compliance failures, and recommends dismissal of a senior executive.
Blockchain.newsFebruary 2024
Haru Invest CEO Hugo Hyungsoo Lee and two executives arrested by South Korean prosecutors on embezzlement and fraud charges.
CoinTelegraphApril 2024
Seoul Rehabilitation Court rejects Delio's first corporate rehabilitation petition.
AInvest22 November 2024
Seoul court officially declares Delio bankrupt, with liabilities of approximately 245 billion Korean won owed to approximately 2,800 customers.
CoinTelegraph21 February 2025
Deadline for creditors and customers to submit claims in Delio's bankruptcy proceedings.
Ask Korea LawApril 2025
Jeong Sang-ho formally indicted at Seoul Southern District Court on charges of embezzling approximately 250 billion Korean won in customer crypto assets.
CoinTelegraph2025
Suwon Rehabilitation Court's 5th Division dismisses Delio's second corporate rehabilitation petition.
AInvest30 April 2026
Prosecutors at Seoul Southern District Court demand a 20-year prison sentence for Jeong Sang-ho during final arguments, citing embezzlement of ~$168.8 million from ~2,800 victims and 'active deceptive acts and false promotion.'
CoinTelegraph16 July 2026
First-instance verdict scheduled at Seoul Southern District Court in the criminal trial of Jeong Sang-ho.
CoinTelegraphDecision Log
- slot 422558342 · hash 2sHGo8x8r8LrinngA7NHAXtQcAaMtSwWi2dsYEixrjhr
This investigation is cryptographically anchored to the Solana blockchain (1 decision). 17 of 19 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/27/2026, 6:39:31 PM
last updated: 5/27/2026, 6:39:31 PM
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