The South Korean crypto lending company Delio has been declared bankrupt by a local court, which ordered the sale of assets to repay creditors

According to local news media "Money Today", the South Korean crypto lending platform Delio was declared bankrupt by a Seoul court after users suddenly could not withdraw a total of about 245 billion won ($175 million) in cryptocurrency last year. The company had suffered serious operational interruptions and financial losses before this decision, which triggered the liquidation process.

As part of the bankruptcy proceedings, Delio will be required to sell its assets and distribute the proceeds to creditors. Creditors have been instructed to submit their claims by February 21, 2025. A meeting for Delio's creditors has been scheduled for March 19th where they will discuss and possibly decide on the future direction of the company's operations.