In a hot development from South Korea, Delio, one of the country’s largest cryptocurrency companies, announced that it will suspend withdrawals.
Critical announcement from Korean cryptocurrency platform Delio
South Korean crypto finance company Delio announced today that it will suspend withdrawals. Its executives report that this decision was made in response to increased market volatility after Haru Invest suspended withdrawals. According to reports, the platform currently has around $9 billion worth of cryptocurrencies.
Cryptocurrency exchange Upbit launches
Following the news, UPbit, one of the largest crypto exchanges in South Korea, announced that it plans to restrict the withdrawal of cryptocurrencies to Delio as part of investor protection measures:
Today, Delio announced an announcement regarding its decision to suspend the withdrawal of cryptocurrencies as of June 14. As activities such as Delio’s suspension of withdrawals and changes to its customer center operating method have been approved, Upbit plans to restrict the withdrawal of digital assets to Delio as part of investor protection measures.
Is it temporary?
Delio is Korea’s only virtual asset depositor service that has been declared a virtual asset operator (VASP) to the financial authorities. A Delio spokesperson assures us that the decision to halt trading will be short-lived:
Following the recent suspension of depositing and withdrawing digital assets at Haru Invest. is causing a sharp rise in market volatility and growing confusion among investors. In this event, Delio will inevitably suspend withdrawals from 18:30 on 14 June 2023, in order to securely protect the assets of customers it currently holds, until the above situation and after are resolved.
We are very sorry to have worried you, our valued customers and investors, due to the inevitable temporary suspension of withdrawals. Delio will do its best to protect our clients’ assets while quickly grasping the facts of this situation and the aftermath. We will continue to inform you with announcements about the issues to be determined later, the protection of customer assets and the measures for this.
Second suspension decision from South Korea in two days
Delio based the day’s decision to suspend trading on developments around Haru Invest. Haru Invest, a South Korean company, abruptly stopped withdrawals yesterday, causing concern among investors. cryptocoin.com As we reported, the company closed its LinkedIn page shortly after that, causing rug pull speculation. According to local media reports, Haru Invest’s office in Seoul is currently vacant. CEO Hyung-soo ‘Hugo’ Lee explains this by saying that they have switched to working from home.
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