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$1.75 Billion Lost? South Korean Cryptocurrency Platform Delio Files for Bankruptcy

A South Korean-based cryptocurrency platform has filed for bankruptcy, a local court has declared, after its customers were no longer able to withdraw their $1.75 billion worth of virtual funds.

The unfortunate circumstances facing Delio serve as a reminder that digital assets can offer tremendous growth, but they are also inherently volatile and high-risk investments.

Court Statement

The Seoul Rehabilitation Court has declared that cryptocurrency platform Delio has ceased operations, noting that the court declared the digital asset company bankrupt on Friday.

Since the middle of last year, the cryptocurrency platform has stopped allowing withdrawals of funds from virtual assets, leaving its customers unable to access their investments.

Around 2,800 cryptocurrency investors were affected and were unable to recover their cryptocurrency funds worth $1.75 billion.

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– KCG (Korea Coin Group) (@kdisla) November 22, 2024

Analysts explained that the Corporate bankruptcy occurs when a court declares a company bankrupt because the company is no longer able to pay its debts.

This judicial procedure allows the company’s assets to be converted into cash and then distributed to creditors. The Delio case is a good example of corporate bankruptcy.

A ray of hope

According to reports, after the court declares bankruptcy, “a claim is filed and an explanation is given on the distribution of assets at the creditors’ meeting.”

This offers Delio’s customers a glimmer of hope, as the South Korean court has ordered its creditors to file their claims by February 21, 2025. The court has also set a date for the creditors’ meeting on February 19, 2025.

Why did Delio declare bankruptcy?

An official at the Seoul Rehabilitation Court said that the main reason for Delio’s bankruptcy is that “its inability to pay was recognized in light of the suspension of withdrawals, the circumstances of the suspension of operations, and the extent of the damage.”

The official added that the cryptocurrency platform operated as a custodian and management company in which it generated profits and paid interest by “operating virtual assets such as Bitcoin deposited by customers”.

“The debtor lent and entrusted the operator with the management of the virtual assets deposited by customers, but a significant part of them were deposited in the FTX account and were being managed,” he continued.

However, he said that the “virtual assets entrusted could not be recovered” after FTX filed for bankruptcy in November 2022, which led Delio to suspend withdrawals on the platform.

Delio executive hits back at authorities

In September 2023, the cryptocurrency company accused South Korean authorities of misinterpreting the law after the state-run Financial Intelligence Unit (FIU) proposed the dismissal of Delio CEO Jeong Sang-ho.

The government also suspended the cryptocurrency platform’s operating license and ordered the company to pay a fine of $1.34 million.

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

Delio was founded in 2018 and received Virtual Asset Service Provider (VASP) status from the FIU in 2022, becoming the first South Korean company to achieve such recognition.

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Tether Increases Bitcoin and Gold Holdings to $4.8 Billion and $5 Billion

Tether (USDT) circulation has increased to $120 billion, marking a 30% increase by 2024.

Tether’s Bitcoin and gold holdings have increased to $4.8 billion and $5 billion, respectively.

Tether’s net worth has doubled to $14.2 billion as it faces ongoing legal challenges.

Tether has announced a substantial increase in its Bitcoin and gold reserves, as detailed in its latest Consolidated Financial Figures and Reserves Report for Q3 2024.

Tether’s Bitcoin holdings have reached an impressive $4.8 billion, while its gold reserves are now $5 billion, reflecting the company’s strategy to bolster its asset base amid growing global demand for its stablecoin, USDT.

USDT Circulation Increases 30%

This quarter was particularly notable for Tether, as USDT circulation soared to a record $120 billion, representing a 30% increase in 2024.

This increase totals $27.8 billion so far this year and brings Tether’s market cap close to that of its competitor, Circle’s USDC, which currently stands at $35 billion, according to data from CoinGecko.

Tether’s growth is indicative of the growing reliance on stablecoins within the cryptocurrency ecosystem, driven by increased market adoption and confidence.

Tether Expands Holdings of US Treasuries

In addition, Tether has significantly expanded its holdings of US Treasuries, which now amount to $84.5 billion, making up the largest segment of its reserves. This strategic move has contributed to Tether’s strong financial health, with net assets doubling to $14.2 billion from $7 billion at the end of 2023.

In addition, through its subsidiary, Tether Investments Limited, the company manages an additional $7.7 billion in assets across sectors such as sustainable energy, Bitcoin mining, and data infrastructure. However, these assets are not included in the reserves backing Tether tokens.

Despite its growth, Tether is currently embroiled in three civil litigation cases related to its holdings and operations. Notably, these cases include a class action lawsuit related to the 2017-2018 Bitcoin price crash, a lawsuit stemming from the Celsius bankruptcy, and a dispute over USDT in a wallet not controlled by Tether.

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Bitcoin Bitcoin Investment Cryptocurrency Investment HYIPs NFT Investment

Brother Finance Club

Our experience is an element which keeps your money safe while growing. Being a member of Brother Finance, you are our partner deserving our respect. We owe you reliability and stable profit which is exactly your right when you have funds invested with us. The collaboration spirit which can be found in Brother Finance team is one of the most important fundamentals of an organization on a human scale. During daily work our staff never loose sight of the client’s interest. Their goal is to develop a solution keeping individual expectations to maintain quality of service.

Brother Finance Accepts Investments via CryptoCurrency only as we find it for now most reliable and secure payment processor which give investments Privacy”

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