Delio, a virtual asset manager and lending platform based in South Korea, has announced the temporary suspension of client funds withdrawals “to securely protect client assets currently in custody.”
The company made the decision in response to the recent suspension of digital asset deposits and withdrawals at Haru Invest, which has caused increased volatility in the market and increased confusion among investors in the region. According to Delio, the suspension will remain in force until “the situation and its consequences are resolved.” A translation of the ad read:
“In order to safely protect client assets currently in escrow, Delio will inevitably temporarily suspend withdrawals from June 14, 2023 at 18:30 pm.”
Delio has reassured its clients that it will do everything possible to protect their assets “while quickly understanding the facts and consequences related to this situation.” The company also committed to providing regular updates via announcements on upcoming events, steps taken to safeguard client assets, and other related developments.
On June 13, South Korean yield platform Haru Invest announced a suspension of deposits and withdrawals due to concerns over potentially false information provided by a consignment trader during an internal inspection. The problems Haru Invest is facing may have a ripple effect on other platforms in South Korea, as Delio is already experiencing.
Founded in 2018, Delio reportedly owns an estimated $1 billion worth of Bitcoin (BTC), USD 200 million in Ether (ETH) and approximately $8.1 billion in altcoins, data from its website revealed.
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