Delio Will Resume Withdrawals In Phases But No Specific Time

Key Points:

• Troubled cryptocurrency firm Delio shared about the opening of withdrawals during a press conference with investors today.
• The CEO said they would continue to withdraw the money in stages but did not disclose the specific time.
• During the press conference it was also revealed that Haru Invests, the main cause of the company’s troubles, is in the process of bankruptcy.

According to Decenter, South Korean crypto-finance firm Delio announced at an investor briefing in Seoul that it will resume withdrawals in phases.

Yesterday, Delio also shared the plan of a press conference to explain the company’s current situation to investors after getting into trouble with partner company Haru Invest which caused it to stop withdrawing money. However, when the press conference took place, participants felt that this was just a statement to appease investors, but the specific repayment period, method and extent of damage were not disclosed.

Delio CEO Jeong Sang-ho said that Delio is currently in an unstable state as it depends on the situation of Haru Investment, the decommissioned crypto exchange, and B&S.

In the press conference, it was revealed that Haru Invest is conducting bankruptcy proceedings. Delio claims to guarantee as much capital compensation as possible, such as capital raise paid by third parties. Starting next week, we will switch to a normal working system.

Investors who attended the briefing that day asked again about Delio’s ratio of trust assets to Haru Investment. Still, CEO Jung said, “It’s difficult to answer at this point because This is a flexible situation.” He indirectly replied, “I will be in touch through the organization when the investor representative meeting is established.”

Ahead of the June 14 news, Delio, a South Korean crypto finance company, announced that it will suspend withdrawals from 18:30 local time, and it said the move is made amid increased market volatility after Haru Invest halted withdrawals.

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