Delio, a South Korean crypto financial company suspected of embezzling $180 million in crypto assets, plans to set up a new company and transfer debts

Odaily News South Korean virtual asset management and lending platform Delio will set up a new company and transfer all debts. Delio reiterated plans to sell its existing entities, including a virtual asset service provider (VASP), and use the proceeds to repay its debts. Delio is currently facing trial on charges of embezzling approximately 250 billion won (US$180 million) in virtual assets and suddenly stopping deposits and withdrawals without prior notice. Industry insiders said Delios plan was unrealistic and pointed out that this was most likely an action taken to obtain a reduced sentence at trial. (Chosun Biz)