The court found him guilty of stealing about ₩70 billion ($49.2 million) from clients, as well as misappropriating funds and using forged documents when registering the company as a virtual asset service provider.
However, the charge of fraud amounting to ₩250 billion ($175.6 million) involving 2,800 clients was dismissed: the court ruled that some of the evidence had been obtained illegally. The prosecution had demanded a 20-year prison sentence for Cho.
Delio offered clients higher returns on cryptocurrency deposits and positioned itself as a “digital asset bank.” In June 2023, the company suddenly halted withdrawals, and in November 2024, it was declared bankrupt.
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