Delio Shuts The Vault: Crypto Billions Frozen As South Korean Giant Hits Pause

South Korean digital asset platform Delio announced a temporary halt on customer deposits and withdrawals, citing the need to safeguard client assets amidst the surging market turbulence and investor uncertainty.

This makes Delio the second high-yield offering platform to suspend operations in the same week.

The notice on Delio’s website, written in Korean, stated, “In order to safely protect the assets of customers currently in custody, Delio will inevitably suspend withdrawals temporarily as of June 14,” attributing this step to “a sharp increase in market volatility and increased confusion among investors.”

According to the information displayed on Delio’s website, the platform has under its management approximately $1.1 billion in Bitcoin BTC/USD, which amounts to 41,740 BTC, and around $206 million in Ethereum ETH/USD, accounting for 118,033 ETH.

Another platform, Haru Invest, also ceased deposits and withdrawals. Haru Invest is based in Singapore but was founded in South Korea.

In a blog post, the firm mentioned a specific issue with a partner as the reason behind the suspension, without providing further details.

Haru Invest claims to manage assets close to $1 billion.

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The company, which at times promised returns as lofty as 50%, has not been responsive to requests for comment.

Delio is known for offering crypto-saving products that tout returns exceeding 10%.

Generally, customers on Delio can earn elevated returns by committing to deposit lock-ins.

These deposits are usually digital assets lent out to borrowing parties such as hedge funds.

Delio assured its commitment to protecting its clients' assets and expressed its intent to transparently communicate pertinent information.

The platform conveyed in its notice, “Delio will do our best to protect the assets of our customers while quickly grasping the facts and aftermath related to this situation. We will continue to inform you through announcements regarding the facts to be identified later, protection of customers’ assets, and measures for this.”

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