Delio, a crypto lending platform based in South Korea, has decided to temporarily halt the withdrawal services it offers
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Loading... - Chalita Jiang
- 15 Jun 2023
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Delio, a digital assets lending platform based in South Korea that offers users attractive returns on their cryptocurrency holdings, has made the decision to temporarily suspend withdrawals. This move comes as a response to the heightened volatility in the market.
Established back in 2018, Delio provides its users with an annual percentage ratio (APR) of up to 10.7% on their bitcoin (BTC), ether (ETH), and USDT holdings. However, in order to safeguard the interests of its customers, the platform has chosen to halt both deposits and withdrawals. The recent sharp decline in the price of bitcoin and other cryptocurrencies has caused confusion among Delio's users.
In 2021, bitcoin reached an all-time high (ATH) of $69,000, but since then, its value has significantly dropped. This week alone, the flagship cryptocurrency has experienced a decline of over 5%, and many altcoins have also undergone substantial corrections.
Given the ongoing bear market, it has become increasingly challenging for centralized crypto businesses without robust capital controls and reserves to sustain their operations or allow fund withdrawals.
