{"id":58087,"date":"2023-08-30T10:12:41","date_gmt":"2023-08-30T14:12:41","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=58087"},"modified":"2023-08-30T10:12:45","modified_gmt":"2023-08-30T14:12:45","slug":"delio-admits-to-losing-millions-after-suspending-67-95m-deposits","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/delio-admits-to-losing-millions-after-suspending-67-95m-deposits\/","title":{"rendered":"Delio Admits to Losing Millions After Suspending $67.95M Deposits"},"content":{"rendered":"\n

Delio, a South Korean crypto-finance platform, has disclosed its deposit figures and loss projections for the first time since it halted withdrawal services in June. The company faces a challenging situation as it tries to recover from the losses and compensate its users.<\/p>\n\n\n\n

\"Delio<\/figure>\n\n\n\n

According to a statement from Delio, \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>the platform\u2019s deposits stand at approximately 90 billion won (equivalent to around US$67.95 million),<\/strong> which reflects its popularity and influence in the crypto-finance market. <\/p>\n\n\n\n

However, the company also estimates that its loss rate ranges between 30%<\/strong> and 50%,<\/strong> depending on the outcome of various recovery processes, operational asset liquidation, and other relevant actions.<\/p>\n\n\n\n

Delio clarified that the exact loss ratio remains uncertain until the conclusion of these measures and that it will announce additional compensatory plans once the final loss extent is determined. <\/p>\n\n\n\n

The company emphasized that it values transparency and communication with its users and the broader crypto-finance community amid such financial intricacies.<\/p>\n\n\n\n

Delio\u2019s withdrawal suspension<\/h3>\n\n\n\n

Delio\u2019s disclosure <\/a>of these crucial figures follows its suspension of withdrawal services, which was initially reported on June 14. <\/p>\n\n\n\n

The company cited \u201cinternal system errors\u201d<\/em> as the reason for the suspension, and apologized for the inconvenience and anxiety caused to its users.<\/p>\n\n\n\n

Delio is one of South Korea\u2019s largest crypto lenders, holding an estimated $1 billion in Bitcoin (BTC),<\/strong> $200 million in Ether (ETH)<\/strong> and $8.1 billion in various altcoins. <\/strong><\/p>\n\n\n\n

The company offers a range of financial services for digital assets, including savings, lending, staking, asset management, payment, and NFT.<\/p>\n\n\n\n

However, the company\u2019s business model came under heavy scrutiny last year, as regulators investigated its compliance with legal guidelines and anti-money laundering rules. <\/p>\n\n\n\n

Delio was also accused of making risky investments<\/use><\/svg><\/span><\/a> with user funds and inflating its returns.<\/p>\n\n\n\n

Delio\u2019s future prospects<\/h3>\n\n\n\n

Delio\u2019s announcement of its deposit size and loss rate is a pivotal step in its attempt to restore trust and confidence among its users and the industry. <\/p>\n\n\n\n

The company faces a difficult challenge as it tries to recover from the losses and compensate its users.<\/p>\n\n\n\n

Delio also aims to become a Web 3.0 company<\/use><\/svg><\/span><\/a> by building and expanding its crypto-finance businesses. <\/p>\n\n\n\n

In this regard, the company has made several preemptive investments, such as acquiring KOSDAQ-listed companies and mass recruiting blockchain developers.<\/p>\n\n\n\n

Delio\u2019s situation highlights the volatility and inherent risk associated with crypto-finance operations, as well as the need for regulatory clarity and consumer protection in this emerging sector.<\/p>\n","protected":false},"excerpt":{"rendered":"

Delio, a South Korean crypto-finance platform, has disclosed its deposit figures and loss projections for the first time since it halted withdrawal services in June. The company faces a challenging situation as it tries to recover from the losses and compensate its users. According to a statement from Delio, the platform\u2019s deposits stand at approximately […]<\/p>\n","protected":false},"author":44,"featured_media":58089,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[950,14870,3875,1712],"class_list":["post-58087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-finance","tag-delio","tag-losses","tag-south-korea"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/delio-.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/58087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=58087"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/58087\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/58089"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=58087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=58087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=58087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}