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Delio, a virtual asset manager and lending platform based in South Korea, has announced a temporary suspension of customer withdrawals “in order to securely protect the assets of customers currently in custody.”
The company made this decision in response to the recent suspension of deposits and withdrawals of digital assets in Haru Invest, which led to increased market volatility and increased confusion among investors in the region. According to Delio, the suspension will remain in effect until “the situation and its consequences are resolved.” The translation of the announcement read:
“In order to securely protect the assets of clients currently in custody, Delio will inevitably temporarily suspend withdrawals from June 14, 2023, 6:30 pm.”
Delio assured its clients that it will do its best to protect their assets, “while quickly grasping the facts and implications surrounding this situation.” The company has also committed to providing regular updates through announcements of upcoming facts, measures taken to protect customer assets, and other related developments.
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Delio’s announcement follows possible issues at Haru Invest. On June 13, South Korean income platform Haru Invest announced a suspension of deposits and withdrawals due to concerns about potentially false information provided by a delivery operator during an internal review. The challenges Haru Invest is facing may have an impact on other platforms in South Korea as Delio is already experiencing the effects of this situation.
Founded in 2018, Delio reportedly owns approximately $1 billion in bitcoin (BTC), $200 million in ether (ETH), and approximately $8.1 billion in altcoins, according to data from its website.