South Korean crypto lending platform Delio is set to resume withdrawals after temporarily halting them on June 14th. The company’s CEO, Jung Sang-ho, assured investors that Delio would “secure as much capital as possible to compensate” and that users’ withdrawals would come in phases. However, no specific details about the repayment period, method, or damage amount were disclosed.
Delio entrusted a significant portion of its clients’ funds to fellow Korean crypto yield platform Haru Invest, which suspended deposits and withdrawals after claiming that certain information provided by a consignment operator was suspected to be false during an internal inspection process. Haru Invest has filed a criminal complaint against its service operator, B&S Holdings, and plans to proceed with civil litigation.
During Delio’s investor meeting, Sang-ho alleged that Haru Invest is currently facing bankruptcy. Delio is one of South Korea’s largest crypto lending firms, claiming to hold an estimated $1 billion in Bitcoin (BTC), $200 million in Ether (ETH), and approximately $8.1 billion in altcoins.