South Korea’s Delio declared bankrupt with $1.75B in assets lost
A creditors’ meeting will be held in March, but their funds reportedly disappeared into the chaos of the FTX collapse.
South Korean virtual asset deposit platform Delio was declared bankrupt by a court in Seoul on Nov. 22, according to multiple local press reports. Delio, which owes customers 245 billion won ($1.75 billion), halted withdrawals last year.
Delio will begin liquidation proceedings. Customers can make claims through Feb. 21, 2025, and the first creditors’ meeting will be held on March 19, 2025. Reports quote a court official as saying:
As a result, the platform was unable to recover its assets after the November 2022 bankruptcy of FTX and was unable to return customer assets after June 13, 2023. There are about 2,800 customers affected by the bankruptcy.
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Author: Derek Andersen
