South Korean crypto lending firm Delio CEO denies promising principal protection at trial
2024-06-25 09:58:29
On June 25th, James Jung, the CEO of South Korean crypto lending company Delio, stated during the Korean criminal trial on June 25th that his company had never promised principal protection for deposit products. Delio was accused of misappropriating virtual assets worth 250 billion won (about $181 million) and suspending the deposit and withdrawal business without advance notice. Jung denied all the allegations made by the prosecution and argued that their search operation was illegal. After the trial, there was a dispute between Jung and the company's creditors that lasted for more than 20 minutes. His next trial is scheduled for July 23rd.
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