PANews reported on November 22 that according to local news media Money Today, South Korean crypto lending platform Delio was declared bankrupt by a Seoul court after users suddenly could not withdraw a total of about 245 billion won (US$175 million) in cryptocurrencies last year. Before the court made this decision, the company suffered severe operational disruptions and financial losses, thus initiating liquidation procedures.
As part of the bankruptcy process, Delio will be required to sell its assets and distribute the proceeds to creditors, who have been instructed to submit claims by February 21, 2025. A meeting of Delio's creditors has been scheduled for March 19, at which the company will discuss and potentially decide on the future direction of the company's operations.
