Crypto lender Delio to resume withdrawals after counterparty contagion
"We will come up with a plan to recover the loss," said company officials. According to a recent report by local news outlet Decenter, South Korean crypto lending platform Delio will resume withdrawals , albeit with no fixed schedule, after pausing them on June 14. In a meeting with investors on June 17, CEO Jung Sang-ho explained, "[Delio] will secure as much capital as possible to compensate” and that "users’ withdrawals would come in phases." No details regarding the specific repayment period, method and amount of damage were disclosed, however. Delio is one of South Korea’s largest crypto lending firms and claims to hold an estimated $1 billion in Bitcoin (BTC), $200 million in Ether (ETH) and approximately $8.1 billion in altcoins. The firm entrusted a sizable portion of clients’ funds to fellow South Korean crypto yield platform Haru Invest. On June 13, Haru suspended deposits and withdrawals after claiming “certain information provided by a consign...