Fun

News Feed - 2023-07-01 03:07:00

Zhiyuan Sun5 hours agoSouth Korean crypto lending firm Delio under investigation by regulatorsThe firm allegedly denied having any exposure to troubled sister lending firm Haru Invest before suspending transfers earlier this month.685 Total views1 Total sharesListen to article 0:00NewsJoin us on social networksAccording to a report by local news outlet Digital Asset, South Korean crypto lending firm Delio is under investigation by the country’s Financial Services Commission (FSC) as of June 30. The FSC alleges fraud, embezzlement and breach of trust related to Delio’s unilateral decision to suspend users’ deposits and withdrawals on June 14. 


During an extraordinary investors’ meeting on June 17, Delio CEO Jung Sang-ho explained that the firm would resume withdrawals, albeit with no fixed schedule at the time. On June 27, the company began opening withdrawals for a portion of its staking services.


“[Delio] will secure as much capital as possible to compensate," Sang-ho said. Delio is currently one of South Korea’s largest crypto lenders, holding an estimated $1 billion in Bitcoin (BTC), $200 million in Ether (ETH) and $8.1 billion in various altcoins. Its CEO and management staff have been reportedly barred from leaving the country pending an investigation by prosecutors.


On June 13, Delio’s sister firm, Haru Invest, suspended withdrawals and deposits, citing an issue with a “consignment operator." The move prompted Delio to do the same the day after, likely due to counterparty exposure. Since the announcement, Haru Invest has reportedly cut the majority of its staff. The company says it is currently taking legal action against its service partner.


As a registered virtual asset provider (VASP), Delio is regulated by the country’s Financial Intelligence Unit. However, Haru Invest is reportedly not a VASP and therefore does not fall under regulators’ jurisdiction. It was alleged that Delio management denied exposure to Haru Invest shortly before its decision to suspend withdrawals.


Magazine: South Korea’s unique and amazing crypto universe# Blockchain# Cryptocurrencies# Business# South KoreaAdd reactionAdd reactionRelated NewsCan memecoins be used as real currency?Universities use blockchain-based storage to protect and democratize dataDon’t be naive — BlackRock"s ETF won"t be bullish for BitcoinCrypto yield platform Haru suspends transfers after investigationSouth Korean Bitcoin lending platform Delio pauses withdrawalsHaru Invest files criminal complaint against consignment operator

News Feed

NFT Marketplace Blur Launches Native Token, BLUR Price Drops 85% in a Matter of Hours
NFT Marketplace Blur Launches Native Token, BLUR Price Drops 85% in a Matter of Hours The Blur non-fungible token (NFT) marketplace launched its native token this week, and users w
Tokenized US Treasurys expected to surpass $3B by end of 2024
Toghrul A2 hours agoTokenized US Treasurys expected to surpass $3B by end of 2024Increased crypto adoption and high treasury yields could push tokenized US Treasurys toward a $3 billion market cap by the end of 2024.346
Price analysis 3/11: SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, DOGE, SHIB
Rakesh Upadhyay6 hours agoPrice analysis 3/11: SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, DOGE, SHIBBitcoin is showing no signs of slowing down as demand for the spot Bitcoin ETFs remains robust. Can altcoins keep pace?4619
Stablecoin delistings in Europe spell change for crypto exchanges, issuers
Andrew Singer10 hours agoStablecoin delistings in Europe spell change for crypto exchanges, issuersThe largest stablecoin issuers are non-European, but they will have to get compliant fast if they don’t want to lose gr
US Lawmakers Propose to Subject Cryptocurrencies to Wash Sale Rule
US Lawmakers Propose to Subject Cryptocurrencies to Wash Sale Rule A committee of the U.S. House of Representatives has proposed to subject cryptocurrencies to the “wash sal
New Blockchain-Based System Will Track Steers From Hoof to Plate
Peruvian shoppers are weeks away blockchain answering the age-old question first posed in 1984: “Where’s the beef?” A pilot project by Wong Supermarket, a Peruvian chain owned
Italian Payments Giant Nexi Involved in Digital Euro Project
Italian Payments Giant Nexi Involved in Digital Euro Project Nexi, a leading European payments company, is reportedly giving advice to the European Central Bank (ECB) related to th
Gareth Jenkinson10 hours agoSBI works with UAE’s TradeFinex to set up joint crypto venture in JapanSBI Holdings will work with UAE firm TradeFinex on a Japanese joint venture to boost the adoption of its enterprise blo
Japan Considers Stricter Crypto Regulations in Light of Russia Sanctions
Japan Considers Stricter Crypto Regulations in Light of Russia Sanctions Authorities in Japan are planning to introduce tougher new rules for crypto operators as part of efforts to
US Senate passes resolution overturning SEC crypto rule on banks
Turner Wright6 hours agoUS Senate passes resolution overturning SEC crypto rule on banksU.S. President Joe Biden said he intended to veto the joint resolution aimed at overturning an SEC rule requiring banks to keep cust
Rachel Wolfson9 hours agoPayPal’s new PYUSD stablecoin faces legal headwinds and ‘less functionality’Industry experts explain the benefits and disadvantages of PayPal’s PYUSD stablecoin.8116 Total views30 Total s
XRP Daily RSI Trendline Breaks Down – What It Means For Price
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu