$1.75 Billion Gone? South Korean Crypto Platform Delio Files For Bankruptcy

Quick Summary:

A cryptocurrency platform based in South Korea has gone into bankruptcy as declared by a local court after its customers can no longer withdraw their virtual funds worth $1.75 billion.

Analysts explained that corporate bankruptcy happens when a court declares the bankruptcy of a corporation because the firm can no longer repay its debts.

The crypto platform’s CEO is currently facing charges of “fraud, embezzlement, and breach of trust.” However, the Delio executive defended himself saying that investors’ deposits in the platform were not “principal protected”.

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Article Details

Author / Journalist: Christian Encila

Category: Crypto

Markets: HungarySouth Korea

Topics: Crypto South Korean exchange Crypto News Delio

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-23 @ 23:30:49 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 493 words

Reading Time: 3 minutes read

Sentences: 27 lines

Sentence Length: 19 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 23783404

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Official Website: bitcoinist.com

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News Last Updated: 9 hours ago

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