Delio Crypto Lending Service Temporarily Halts Withdrawals as Funds Become Trapped in Haru

Korean crypto lending service Delio has temporarily halted withdrawals until further notice, citing issues related to crypto investment company Haru. The decision was announced through an update on Delio’s website, informing users about the suspension.

Haru, known for offering a promising yield of up to 12% through its Earn Plus product, had already suspended deposits and withdrawals on June 13, attributing the action to an undisclosed issue with one of its service providers.

Delio’s decision to halt withdrawals is a direct consequence of the situation surrounding Haru.

Delio CEO Jung Sang-ho explained to Money Today that the increased number of withdrawals following Haru’s service suspension led to the problem at hand. While Jung acknowledged a transactional relationship with Haru, he did not disclose the specific amount involved.

Delio specializes in providing lending and borrowing services in the crypto space, boasting advertised yields of up to 10.7%.

According to their website, the platform has processed significant amounts of cryptocurrency since its inception, including 41,700 bitcoins (equivalent to $1 billion), 118,000 ethers ($205 million), and $6.2 million worth of altcoins.