South Korean Bitcoin lending platform Delio pauses withdrawals

Delio, a virtual asset manager and lending platform based in South Korea, has declared a temporary halt to customer withdrawals in order to ensure the security of funds held by customers.

In reaction to the recent halting of digital asset deposits and withdrawals at Haru Invest, which has caused market volatility and bewilderment among investors in the area, the company has made a decision. Delio declared that the suspension will stay in effect until the matter and its consequences are resolved. A translation of the announcement stated:

Delio has assured its clients that it will strive to safeguard their assets “while promptly understanding the facts and consequences of this situation.” The firm also promised to keep their customers informed with timely announcements about the facts, steps taken to defend their assets, and other related developments.

The SEC’s lawsuit against Binance has caused the acquisition deal between Gopax and South Korea to come to a halt.

On June 13, Haru Invest, a South Korean yield platform, declared a suspension of deposits and withdrawals due to the potential presence of false information provided by a consignment operator during an internal investigation. This issue could have a domino effect on other platforms in South Korea, with Delio being the first to feel the consequences.

Estimates from Delio’s website show that the company, established in 2018, has approximately $1 billion in Bitcoin (BTC), $200 million in Ether (ETH), and $8.1 billion in other cryptocurrencies.

Magazine: Binance Shamed, Hong Kong Needs 100,000 Crypto Employees, China’s AI Unicorn: Asia Express.

Categorized in: