South Korean crypto lending company Delio declared bankruptcy by local court, ordered to sell assets to repay creditors

According to local news media Money Today, South Korean cryptocurrency lending platform Delio was declared bankrupt by a Seoul court last year after users were suddenly unable to withdraw a total of approximately 245 billion Korean won (175 million US dollars) in cryptocurrency. Before the court made this decision, the company suffered serious operational interruptions and financial losses, thus initiating liquidation procedures. As part of the bankruptcy proceedings, Delio will be required to sell its assets and distribute the proceeds to creditors. The creditor has received instructions to submit a debt application before February 21, 2025. The Delio creditors' meeting has been scheduled for March 19th to discuss and potentially decide on the direction of the company's future operations.