Korean crypto lender Delio halts withdrawal

Delio suspended funds withdrawal until the resolution of the current market volatility and a state of perplexity among investors. 

Delio is a South Korea-based Fintech firm, which provides loans to customers on behalf of Ethereum & Bitcoin collaterals. Also, this platform provides digital asset savings and fiat lending. Under the roof of its business, its talented team is also working on a new crypto NFTs platform & already built a decentralized crypto trade platform on top of the Ethereum blockchain.

On 15 June 2023, The Delio team officially announced that the platform suspended funds withdrawal for the customers citing the recent suspension of digital asset deposits and withdrawals at Haru Invest.

According to the Delio team, the current situation is very bad, as we can see a rapid surge in the high market volatility. So the platform will keep withdrawal services closed until the whole situation is back to normal.

Following the latest decision by Delio, the majority of Delio customers are in tension. On Twitter, many people are discussing Delio’s exposure in Haru Invest and claiming that it is a very bad sign for Delio’s future.

A few crypto Twitter users noted that the downfall of any crypto lender always starts with their suspension of the fund withdrawal services and later for bankruptcy, without any prior announcement. Some people are comparing this situation with FTX, BlockFi, Celsius, Genesis Trading.

Many experts noted that the situation is not bad for Delio because on one side Delio holds nearly $1 billion in Bitcoin, $200 million in Ether, and approximately $8.1 billion in altcoins. And also asserted that laws in South Korea are very strict & these laws are enough to control the crypto firm’s business operations under a safe zone. 

Read also: Bitcoin proponent Miami Mayor jumps into US presidential election as a candidate