Another South Korean crypto platform temporarily suspends withdrawals Another South Korean crypto platform temporarily suspends withdrawals
Crypto exchange UPbit plans to restrict digital assets withdrawals to Delio pending a change in its situation.
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Updated: Jun. 14, 2023 at 3:14 pm UTC
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South Korean crypto lending platform Delio announced on June 14 that it would temporarily halt withdrawals by 18:30 (KST) today to protect customers’ assets.
Decision blamed on Haru situation
The company attributed its decision to the heightened market volatility following Haru Invest’s suspension of deposits and withdrawal services. On June 13, Haru halted transactions on its platform to protect investors following a business error.
Local media firm Block Media reported that Delio CEO Jung Sang-ho said:
“Withdrawal requests are pouring in after the one-day incident, so we stopped withdrawing to calm the situation. There is a transactional relationship with Haru Invest, and the amount cannot be disclosed.”
In its statement, Delio said it had to take this measure “to safely protect the assets of customers currently in custody.” The firm further described the decision as “unavoidable” while apologizing for any inconvenience.
Delio did not provide additional information on when it might reopen withdrawals. The platform did not include details of whether it was still accepting deposits.
According to its website, the crypto-lending platform manages over $1 billion in digital assets, including Bitcoin, Ethereum, and several altcoins.
Last year, several crypto platforms offering lending services suddenly paused customers’ withdrawals amid the market downturn. Some firms, like Genesis, Celsius, Voyager Digital, and BlockFi, later filed for bankruptcy.
UPbit suspends withdrawals to Delio
Following the news, UPbit, one of the largest crypto-asset exchanges in South Korea, stated that it plans to restrict digital assets withdrawals to Delio as part of its investor protection measures.
The exchange said its decision might change depending on the circumstances surrounding Delio’s situation.
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