According to PANews, the Korean crypto lending platform Delio was declared bankrupt by the Seoul Court because users were unable to withdraw about 245 billion won in cryptocurrencies. The company suffered operational disruptions and financial losses and initiated liquidation procedures.
As part of the bankruptcy process, Delio will need to sell assets and distribute the proceeds to creditors. Creditors must submit claims before February 21, 2025. A Delio creditors meeting is scheduled for March 19 to discuss the company's future operations.