Delio, a South Korean Bitcoin lending platform, has suspended withdrawals.

Delio, a virtual asset manager and lending platform based in South Korea, has announced that it will temporarily suspend customer withdrawals. The reason for this decision is to ensure the safe protection of the assets of customers who are currently in custody. According to Delio, this decision was made in response to the suspension of digital asset deposits and withdrawals at Haru Invest, which has caused an increase in market volatility and confusion among investors in the region. The suspension will remain in effect until the situation and its aftermath are resolved. A translation of the announcement reads:

“In order to safely protect the assets of customers currently in custody, Delio will inevitably suspend withdrawals temporarily as of June 14, 2023, 18:30.”

Delio has reassured its clients that it will do its best to protect their assets while quickly gathering information related to the situation. The company has also pledged to provide regular updates through announcements regarding the facts, measures taken to safeguard customer assets, and other related developments.

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Delio’s announcement comes at a time when Haru Invest is facing potential trouble. On June 13, South Korean yield platform Haru Invest announced the suspension of deposits and withdrawals due to concerns over potentially false information provided by a consignment operator during an internal inspection. The challenges faced by Haru Invest have the potential to create a ripple effect on other platforms in South Korea, as Delio is already experiencing the consequences of this situation.

Founded in 2018, Delio reportedly holds an estimated $1 billion in Bitcoin (BTC), $200 million in Ether (ETH), and approximately $8.1 billion in altcoins, according to data from its website.

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