According to PANews, South Korean crypto lending platform Delio has been declared bankrupt by a Seoul court following a significant operational disruption and financial losses. The decision comes after users were unable to withdraw approximately 245 billion Korean won ($1.75 billion) in cryptocurrency last year, prompting the initiation of liquidation proceedings.
As part of the bankruptcy process, Delio is required to sell its assets, with the proceeds to be distributed among its creditors. Creditors have been instructed to submit their claims by February 21, 2025. A meeting for Delio's creditors is scheduled for March 19, where discussions will take place regarding the potential future direction of the company's operations.
