Delio, a virtual asset management and lending platform based in South Korea, has announced it is suspending customer withdrawals “to protect the safety of customer assets currently in custody”.
This decision was made in response to the recent suspension of digital asset deposits and withdrawals at Haru Invest, which caused massive volatility in the market. According to Delio, the pause will be in effect until “the situation is resolved”.
“In order to safely protect the assets of customers currently in custody, Delio will definitely suspend withdrawals from 18:30 on June 14, 2023.”
Delio undertakes to do its best to protect clients’ assets and to inform them of the facts and consequences regarding this situation. The company is also committed to providing regular updates through announcements about upcoming events, measures taken to protect client assets and other related developments.
On June 13, Haru Invest announced to suspend deposits and withdrawals due to concerns about misinformation from partners. The challenges Haru Invest is facing could have a ripple effect on other platforms in Korea, and Delio has experienced the same thing.
Delio, founded in 2018, is said to hold around $1 billion in Bitcoin (BTC), $200 million in Ether (ETH), and around $8.1 billion in altcoins, according to data from the company’s website.