The South Korean Financial Services Commission’s (FSC) decision to seize Delio’s assets cast doubts over its future operations.
South Korea’s crypto lending powerhouse, Delio, established in 2018, is currently navigating stormy waters. Its woes began when the FSC, a local financial watchdog, took control of both the company’s and its customers’ assets. This included not just the tangible assets but also their cold wallets and ledgers. The seizure, a result of an ongoing legal tussle with its depositors, has put Delio in a tight spot, making it challenging for them to offer their regular suite of services.
A suspension of interest payments
The firm has emphasised the need to safeguard its assets, especially considering the interests of its depositors. In light of these events, Delio made the tough call to suspend interest payments to its deposit and vault users starting July 24. This move was not isolated; other services that demanded additional expenditures, like operational cost
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