Hot Development: This Cryptocurrency Platform Has Stopped Transactions!

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 attribute the critical decision yesterday to the suspension of Haru Invest’s withdrawals. According to the statements, the increasing market volatility after Haru Invest caused negative effects for Delio and its users. According to Delio’s website, there are currently around $9 billion worth of cryptocurrencies on the platform.

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, suddenly stopped withdrawals yesterday. This caused widespread concern among investors. As we quoted as Kriptokoin.com, the company closed its LinkedIn page shortly after that and caused rug pull speculation. According to local media reports, Haru Invest’s office in Seoul is currently vacant. CEO Hyung-soo ‘Hugo’ Lee explains the reason for this by saying that they have switched to working from home.