South Korean crypto loan exposes withdrawals

South Korean crypto loan exposes withdrawals

Delio, a large South Korean cryptocurrency credit platform, has temporarily suspended withdrawals on its platform and claims that the measure in connection with another local crypto company, Haru Invest, has recently done the same.

The crypto loan stated that the decision to suspend withdrawal was inevitable.

Delios Engagement at Haru Invest

In a message to the customers, Delio announced that he would temporarily suspend withdrawal from June 14th. According to the company, the inevitable suspension was due to the increased market volatility and the confusion of investors after Haru Invest had posted deposits and withdrawals.

Delio said that it must take measures to protect the customer assets he has kept. While the company claimed that the measure was inevitable, it said that withdrawals were suspended, "until the above situation and its consequences have been clarified". An extract from the announcement is:

"Delio will do our best to protect our customers' assets and at the same time quickly capture the facts and consequences of this situation.

Meanwhile, Block Media reported that Delio-CEO Jung Sang-Ho said that the company had recorded an increase in payment requests after Haru Invest hired its services.

"After the one -day incident, withdrawal applications are piling up, so we have set the withdrawal to calm the situation. There is a transaction relationship with Haru Invest and the amount cannot be disclosed."

The South Korean crypto exchange giant Upbit reacted to Delio's approach by restricting the withdrawal of digital assets to the crypto credit platform as "part of the investor protection measures".

Haru Invest denies Rug-Pull rumors

The crypto return platform Haru Invest informed the investors that they would suspend deposits and withdrawals from June 13th until further notice. According to the company, the decision was made after internal studies, which turned out that one of his freight forwarders had given incorrect information.

After the first announcement by Haru Invest rumors made the round that the company had come under pressure. The platform later exposes the speculation and explained that it was "fully committed to the factual determination and answering of the tasks associated with it" and at the same time work to ensure investor protection.