Delio Will Be Resuming Withdrawals After Counterparty Contagion

0
74
Delio

According to Decenter, a local news outlet, Delio- a crypto lending platform from South Korea- will be resuming withdrawals- without any fixed schedule, after it had paused on 14th June. In a meeting that was conducted with the investors on the 17th of June, the CEO Jung Sang-ho went on to explain that the company would be securing as much capital as was possible to compensate- and that most of the withdrawals of the users would be coming in phases. No such detail regarding the specific period of repayment, amount of damage, or method was disclosed.

Delio Will Soon Start Its Withdrawal Program

For those wondering, Delio is one of the largest crypto lending firms in the country and has already claimed to hold around $1 billion in Bitcoin, $200 million in Ether, and around $8.1 billion in altcoins. The firm had entrusted quite a well-sized portion of the funds of the clients to a fellow crypto yield firm in the country- Haru Invest.

On 13th June, the platform suspended withdrawals and deposits, after claiming that certain information that was provided by a consignment operator was considered to be false during an internal inspection process. The company also went on to claim to have a user base of around 80,000 individuals, which facilitated 9.8 million cryptos earn payouts. 

On the 14th of June, Delio’s partner Haru filed a criminal complaint against B&S Holdings, a service operator, and stated that it had planned on proceeding with civil litigation as well.