Just celebrating the platform’s 5th anniversary this month, South Korea’s largest crypto lending platform Delio announced on the 14th that it would suspend platform withdrawals at 18:30 on June 14th, Korean time, until the latest news of recovery is released. At the same time, all company employees began to Remote working. It is rumored that this is the result of South Korean virtual asset custody company Haru Invest suspending crypto asset withdrawals on the 14th, as market volatility intensifies.
Delio suspends user withdrawals until further notice due to Haru Invest
Announcements from the Haru Invest official news center show that the platform suspended withdrawals because of fraud and erroneous reporting content by the holding company B&S Holdings (formerly known as Aventus), which caused Haru Invest to make wrong judgments. Currently, the company Social accounts such as Instagram, Linkedin, and Medium have been closed, leaving only Twitter to update the company's progress in handling the incident.
After on-site verification by local media in South Korea, Haru Invest has locked its doors. CEO Yung-Soo Lee pointed out that the company's suspension of withdrawals may pose risks to employees, so it closed the office and allowed employees to work remotely.
After Delio, South Korea’s only virtual asset service provider (VASP), announced the suspension of withdrawals, CEO Jung-Sang ho responded that it had nothing to do with the Haru Invest incident. Delio’s announcement will inform users of the progress after fact verification, but it’s hard not to think about the two companies having trouble at the same time. Twitter user @adamscochran compared Delio to the defunct cryptocurrency lender BlockFi, questioning whether Delio has Use assets for other investment purposes.
According to the official data provided by Delio before the deadline, it can be found that the platform has nearly US$1 billion worth of Bitcoins (41,743 coins), US$200 million worth of Ethereum coins (118,083 coins), and nearly US$8.1 billion in altcoins (Altcoins), totaling 95 Millions of dollars in assets cannot be withdrawn. Delio supports 33 cryptocurrencies, including many altcoins.
After Delio stopped user withdrawals, South Korean cryptocurrency exchange UPbit stated that it had suspended the deposit and withdrawal services of UPbit and Delio in order to protect investors.
This article A Korean version of BlockFi? The post Delio, South Korea’s largest crypto lending platform, announces the suspension of withdrawals appeared first on Blockchain.
