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News

Caution: Delio Resumes Deposits And Withdrawals, But Users Are Suspicious

June 27, 2023 - Around 3 mins mins to read

Key Points:

  • Delio, a South Korean cryptocurrency depository service, has resumed deposits and withdrawals of certain coins related to staking services.
  • The recovery of damage is limited since the major coins linked to Haru Invest, which were identified as the source of the deposit and withdrawal restriction, have been omitted.
  • Withdrawals for “Parking Account” coins have been stopped, and it remains to be seen how the situation with Haru Invest will be resolved.
Delio, a South Korean cryptocurrency depository service, has begun depositing and withdrawing certain coins.
Caution: Delio Resumes Deposits And Withdrawals, But Users Are Suspicious

According to Blockmedia, Delio declared on its webpage the day before that deposits and withdrawals of virtual assets connected to staking services, which had been halted on the 14th, would be resumed.

Nevertheless, the recovery of damage is limited since the significant coins linked to Haru Invest, which were identified as the source of the deposit and withdrawal restriction, was omitted.

Cardano (ADA), Solana (SOL), Tezos (XTZ), Polkadot (DOT), Kusama (KSM), and Near (NEAR) are the resuming targets (NEAR). The deposit and withdrawal deadline is June 28 at 12:00 p.m.

Delio investors who had been waiting for the restoration of deposits and withdrawals were pleased. This is due to the fact that all of the coins provided by the firm in 12 days to address the “deposit and withdrawal suspension” scenario are unconnected to the situation.

In other words, the six kinds of coins issued this time are not the coins managed by Haru Invest, which Delio described as the cause for the deposit and withdrawal ban. To remedy this condition, a restart is pointless. Haru Invest only accepted Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and Ripple deposits (XRP). The victims’ currencies account for 90% of Bitcoin, Ethereum, Ripple, and Stablecoins.”

Caution: Delio Resumes Deposits And Withdrawals, But Users Are Suspicious

Also, withdrawals for “Parking Account” coins have been stopped, which is problematic. Coins that are harmful to free deposit and withdrawal items that are unconnected to the Haru Invest event have also been barred from withdrawal.

Delio introduced the parking account in July of last year to allow the free deposit and withdrawal of virtual assets. It’s a virtual asset version of the popular Internet bank “Parking Account” from earlier this year. Investors parked Bitcoin, Ethereum, Ripple, and other cryptocurrencies in the Delio parking account and got daily compound interest.

Delio previously unexpectedly halted deposits and withdrawals, claiming the aftermath of Haru Invest as the reason. Haru Invest likewise banned deposits and withdrawals the day before, on June 13, owing to a difficulty with one of the consignment operators, B&S Holdings.

Caution: Delio Resumes Deposits And Withdrawals, But Users Are Suspicious

On June 20, victims with assets tied to Haru Invest formed a delegation to normalize Haru Invest and sent a single statement to the firm. Within three days, roughly 350 victims had completed the identification process, and the total investment amount of those linked with Haru Invest was around 103 billion won (approximately $79 million).

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.