Korean crypto lending service Delio halts withdrawals due to funds stuck in Haru
Quick Take
- Crypto lending service Delio has paused withdrawals due to funds stuck in Haru.
- Crypto investment company Haru suspended withdrawals yesterday.
Korean crypto lending service Delio halted withdrawals today until further notice.
Delio pointed to crypto investment company Haru as the reason for the halt, according to an update on its site. Haru, which advertised up to 12% yield on its Earn Plus product, suspended deposits and withdrawals on June 13, blaming an unspecified issue with one of its service providers.
Delio CEO Jung Sang-ho told Money Today that the problem was caused by an increase in withdrawals following Haru's suspension of services. According to Korea Economic Daily, which cited Block Media, Jung said there was a transactional relationship with Haru but would not state the amount.
Delio provides lending and borrowing services, advertising yields of up to 10.7%. Its website claims the service has processed 41,700 bitcoin ($1 billion), 118,000 ether ($205 million) and $6.2 million of altcoins during its time of operation.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
