Another South Korean crypto platform temporarily suspends withdrawals

South Korean cryptocurrency lending platform Delio announced In order to protect customers’ assets, we announced on June 14 that we will temporarily suspend withdrawals by 18:30 (KST) today.

Hull Situation Decision

The company attributed the decision to increased market volatility following the suspension of Hull Invest deposit and withdrawal services. Hull suspended trading on its platform on June 13 to protect investors following a business error.

Local media company Block Media report Derio CEO Jung Sang-ho said:

“After a day of incidents, we are inundated with withdrawal requests and have canceled the withdrawal in order to calm the situation.

Derio said in a statement that it had to take this action “to safeguard the assets of our clients currently in custody.” The company also said the decision was “inevitable” and apologized for the inconvenience.

Derio did not provide additional information on when withdrawals will resume. The platform did not include details on whether it was still accepting deposits.

according to it, websitethe crypto lending platform manages over $1 billion in digital assets, including Bitcoin, Ethereum, and several altcoins.

Source: Delio

Last year, several cryptocurrency platforms that offer lending services abruptly suspended customer withdrawals amid the market downturn. Some companies later filed for bankruptcy, including Genesis, Celsius, Voyager Digital and BlockFi.

UPbit suspends withdrawals to Delio

Following this news, UPbit, one of the largest cryptocurrency exchanges in South Korea, said As part of its investor protection measures, it said it plans to limit the withdrawal of digital assets to Derio.

The exchange said its decision could change depending on Delio’s situation.

Another South Korean Cryptocurrency Platform Pauses Withdrawals This post was first published on CryptoSlate.

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