Korean crypto lending service Delio has recently announced the temporary suspension of all withdrawal services until further notice.
The decision was prompted by the involvement of crypto investment company Haru, which has faced its own issues resulting in the suspension of deposits and withdrawals.
According to an update on Delio’s website, the company cited Haru as the primary reason for the withdrawal halt. Haru, known for its Earn Plus product that promised yields of up to 12%, explained that the suspension was due to an unspecified issue with one of its service providers.
Delio CEO Jung Sang-ho revealed to Money Today that the surge in withdrawal requests following Haru’s service suspension led to the current situation.
Although Jung acknowledged a transactional relationship with Haru, he refrained from disclosing the exact amount involved in the matter.
Delio, a platform that offers lending and borrowing services, advertises attractive yields of up to 10.7% to its users.
According to their website, the company claims to have processed significant amounts of cryptocurrencies, including 41,700 bitcoins ($1 billion), 118,000 ethers ($205 million), and $6.2 million worth of altcoins throughout its operational history.
The temporary suspension of withdrawal services by Delio serves as a precautionary measure to address the ongoing situation with Haru.
Users of the platform are advised to stay updated with official announcements from Delio regarding the resumption of services and any further developments.