PANews reported on November 22 that the South Korean cryptocurrency lending platform Delio was declared bankrupt by a court in Seoul after users suddenly lost the ability to withdraw approximately 245 billion won (175 million USD) in cryptocurrency last year. Before this decision was made, the company faced severe operational disruptions and financial losses, leading to the initiation of liquidation proceedings.
As part of the bankruptcy proceedings, Delio will be required to sell its assets and distribute the proceeds to creditors. Creditors have been instructed to submit their claims by February 21, 2025. The Delio creditors' meeting is scheduled for March 19, where the future operations of the company will be discussed and potentially decided.