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Delio, a prominent South Korean cryptocurrency lending firm, is preparing to cautiously restart customer withdrawals after a temporary suspension that began on June 14. However, the company has not provided a concrete timeline for the process, adding to the uncertainty surrounding the situation.
During a recent investors meeting, Delio's CEO, Jung Sang-ho, revealed the company's intention to secure sufficient funding for compensations before gradually rolling out the withdrawal process. However, specific details regarding the repayment timeframe, methodology, and potential impact remain undisclosed.
With reported holdings of approximately $1 billion in Bitcoin, $200 million in Ethereum, and an impressive $8 billion in other cryptocurrencies, Delio holds a significant position within South Korea's bustling cryptocurrency sector. Notably, Delio had entrusted a substantial portion of their clients' funds to Haru Invest, another South Korean crypto yield platform.
The situation took an unexpected turn when Haru Invest halted deposits and withdrawals on June 13. This suspension followed suspicions of falsified data by an external operator during an internal review process. As Haru Invest boasts a community of over 80,000 users and has processed nearly 10 million crypto earn payouts, the platform's troubles could result in a significant setback. During the aforementioned investor meeting, Delio's CEO, Sang-ho, hinted at a potential bankruptcy for Haru Invest.
In response to the crisis, Haru Invest has filed a criminal complaint against B&S Holdings, its service operator, and expressed its intention to pursue civil litigation. The company issued an apology note, expressing regret for the inconvenience caused to investors and customers. They reassured their clientele of their commitment to resolving the issue with the utmost sincerity and diligence.
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