The Seoul Southern District Court found Jeong guilty on most charges, including embezzlement and using false documents to register as a virtual asset service provider. However, he was acquitted of a primary indictment alleging fraud of roughly $175.6 million from about 2,800 people, as evidence was ruled illegally collected. Prosecutors had sought a 20-year sentence. Delio, which promoted itself as a digital asset bank, suspended withdrawals in June 2023 and was declared bankrupt in November 2024.