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South Korea’s Delio declared bankrupt with $1.75B in assets lost 😬😬😬
South Korean crypto platform Delio has been declared bankrupt, leaving a whopping $1.75 billion in debts owed to its customers. This collapse is a significant blow to the cryptocurrency market in South Korea .
Delio's troubles began when it halted withdrawals in mid-2023, affecting around 2,800 customers. The platform's management had entrusted customer deposits to a management company, which in turn had deposited a large portion of the funds into an FTX account. Following FTX's collapse in November 2022, Delio was unable to recover its assets, leading to its downfall .
The court has ordered Delio's liquidation, and creditors can file claims until February 21, 2025. The first creditors' meeting is scheduled for March 19, 2025 .
Delio's bankruptcy is a stark reminder of the risks associated with cryptocurrency investments. The platform's CEO, Jeong Sang-ho, is currently on trial for fraud, embezzlement, and breach of trust .
In a related development, Delio's sister company, Haru Invest, was also declared bankrupt on November 20, 2024. Haru Invest's CEO, Hugo Hyungsoo Lee, was arrested in February on charges related to fraud and embezzlement .
$DYDX
$KDA
$SEI
#COSSocialFiRevolution #BTCBreaks100K? #SOLHitsATH #XRPAndSECShift #ETHPriceSurge
South Korean crypto platform Delio has been declared bankrupt, leaving a whopping $1.75 billion in debts owed to its customers. This collapse is a significant blow to the cryptocurrency market in South Korea .
Delio's troubles began when it halted withdrawals in mid-2023, affecting around 2,800 customers. The platform's management had entrusted customer deposits to a management company, which in turn had deposited a large portion of the funds into an FTX account. Following FTX's collapse in November 2022, Delio was unable to recover its assets, leading to its downfall .
The court has ordered Delio's liquidation, and creditors can file claims until February 21, 2025. The first creditors' meeting is scheduled for March 19, 2025 .
Delio's bankruptcy is a stark reminder of the risks associated with cryptocurrency investments. The platform's CEO, Jeong Sang-ho, is currently on trial for fraud, embezzlement, and breach of trust .
In a related development, Delio's sister company, Haru Invest, was also declared bankrupt on November 20, 2024. Haru Invest's CEO, Hugo Hyungsoo Lee, was arrested in February on charges related to fraud and embezzlement .
$DYDX
$KDA
$SEI
#COSSocialFiRevolution #BTCBreaks100K? #SOLHitsATH #XRPAndSECShift #ETHPriceSurge
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