TL;DR Breakdown
- Delio, a prominent South Korean crypto lending platform, has announced that it will resume withdrawals after temporarily suspending them.
- Delio’s CEO, Jung Sang-ho mentioned that the withdrawals would be processed in phases.
- Delio had entrusted a significant portion of its clients’ funds to another South Korean crypto yield platform called Haru Invest.
- Haru Invest made headlines on June 13 when it suspended both deposits and withdrawals.
Description
According to a recent report from Decenter, a local news outlet, Delio, a prominent South Korean crypto lending platform, has announced that it will resume withdrawals after temporarily suspending them on June 14. However, the platform has not provided a fixed schedule for the withdrawals. In a meeting held with investors on June 17, Delio’s … Read more
According to a recent report from Decenter, a local news outlet, Delio, a prominent South Korean crypto lending platform, has announced that it will resume withdrawals after temporarily suspending them on June 14. However, the platform has not provided a fixed schedule for the withdrawals.
In a meeting held with investors on June 17, Delio’s CEO, Jung Sang-ho, stated that the company would secure as much capital as possible to compensate its users. He also mentioned that the withdrawals would be processed in phases. Unfortunately, no specific details regarding the repayment period, method, or the extent of the damage were disclosed during the meeting.
Delio is a major player in the South Korean crypto lending industry, claiming to hold substantial amounts of various cryptocurrencies. The platform reportedly has around $1 billion worth of Bitcoin, $200 million worth of Ether, and approximately $8.1 billion in altcoins. Notably, Delio had entrusted a significant portion of its clients’ funds to another South Korean crypto yield platform called Haru Invest.
Haru Invest made headlines on June 13 when it suspended both deposits and withdrawals. The company cited concerns over the accuracy of information provided by a consignment operator during an internal inspection process. Haru Invest boasts a user base of over 80,000 individuals and has facilitated around 9.8 million crypto-earn payouts.
Delio vs Haru invest
During the investor meeting held by Delio, CEO Jung Sang-ho revealed that Haru Invest is currently facing bankruptcy. He acknowledged that it would be challenging to guarantee the initially promoted rate of return on the deposit product. However, he assured investors that there would be a plan to recover the losses.
In response to the situation, Haru Invest filed a criminal complaint against its service operator, B&S Holdings, on June 14. The company also announced its intention to pursue civil litigation. In an official statement, Haru Invest apologized for the concerns and inconveniences caused to its investors and customers. The company pledged to diligently address the issue and work towards resolving it in a responsible manner.
The crypto community in South Korea and beyond is closely monitoring these developments, as the incidents involving Delio and Haru Invest have raised concerns about the security and stability of crypto lending platforms. Users and investors affected by the withdrawal suspensions are anxiously awaiting further updates from Delio regarding the repayment process. The fate of Haru Invest remains uncertain as it faces the challenges posed by the allegations against its service operator and the potential bankruptcy proceedings.
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