South Korea’s largest cryptocurrency company, Delio, stopped withdrawals two days ago, causing panic in the market. CEO Jeong Sang-ho today announced plans to gradually resume operations.
Korean cryptocurrency company Delio gave its users a breath of fresh air
South Korean investors were devastated by the decision of another company, Haru-Invest, to cease trading the day before Delio. A day after that, Delio closed its platform for withdrawals, citing the crisis caused by Haru Invest. Two different suspension orders came from Korea in two days. Delio CEO Jeong Sang-ho announced today that they will be gradually launching withdrawals, in an announcement that put everyone at ease.
Still, Sang-ho’s statements continue to leave a question mark in mind. The CEO stressed that withdrawals will depend on the circumstances surrounding Haru Investment and B&S. However, he states that Haru Invest is in bankruptcy. Despite the uncertainty, it reassures investors that plans to recoup the resulting losses are in place. The CEO’s statements came from his meeting with his investors today:
At the press conference, it was revealed that Haru Invest is handling bankruptcy proceedings
Haru Invest, a South Korean company known for offering high-yield cryptocurrency savings products, began clearing all of its offices on June 13. CEO Hyung-soo ‘Hugo’ Lee explained the reason for this by saying that they have switched to working from home. Delio claims to guarantee as much capital compensation as possible, such as a capital increase paid for by third parties.
Class action lawsuit filed against two cryptocurrency companies
As of June 16, two companies that suspend withdrawals are facing a class action lawsuit, according to local media reports in South Korea. Reports indicated that 150 of Delio’s and more than 400 of Haru’s investors were in the process of litigation.
The common feature of the two companies is the various investment programs that promise high returns. Haru Invest offers its investors a maximum return of 12%. On the other hand, Delio promises 10% profit to its investors.
FTX effect
CryptoQuant CEO Ki Young Ju claims that Haru Invest was negatively impacted by the bankruptcy of the FTX exchange. According to the statements made by OXT Research, Haru Invest was a user of the FTX exchange in the past. If the reports are true, it would mean that Haru has been hiding from the public for almost a year.
Prior to the June 14 news, Delio announced that it will suspend withdrawals from 18:30 local time. Increased market volatility was cited as the reason for Haru Invest’s suspension of withdrawals. cryptocoin.com We have included the details in this article.
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