Del Rio Bankruptcy Suspended Withdrawal Of Virtual Assets Of KRW 250 Billion

Delio, a controversial virtual asset deposit and service operator, has been forced to go bankrupt after suspending the withdrawal of 250 billion won worth of virtual assets without notice.

The Seoul Rehabilitation Court today (22nd) declared Del Rio bankrupt.

The court judged that the cause of bankruptcy was recognized given the circumstances of the suspension and the damage.

The court will receive bond reports by February 21 next year and hold a bond rally at the Seoul Rehabilitation Court on March 19.

Delio was established in 2018 for the purpose of developing a blockchain system and operating virtual assets deposited from customers and paying interest in the form of virtual assets by generating profits.

However, the withdrawal was abruptly stopped on June 14 last year when the U.S. coin exchange FTX went bankrupt in November last year.

In this regard, Mr. Chung, CEO of Del Rio, was accused of stealing some 250 billion won in virtual assets from 2,800 victims between August 2021 and June last year.