The encyclopedia · Trading & Investing · Financial decision · 2025
South Korea's Delio owed ~245B won, went bankrupt, and lost its rehab bid
Delio froze withdrawals in 2023, was declared bankrupt in 2024 owing ~245B won to ~2,800 depositors, and lost a 2025 rehabilitation bid.
Delio · 2024-11-22
What happened
Delio, a South Korean crypto deposit and lending platform, stopped letting customers withdraw their funds after mid-June 2023. The freeze trapped the balances of roughly 2,800 depositors, and the platform never reopened its doors.
On November 22, 2024 the Seoul Bankruptcy Court declared Delio bankrupt on claims of about 245 billion won owed to customers. The checkable bill is that deposit shortfall: a crypto custodian that could not return the assets it held for customers.
Delio fought the outcome. After the bankruptcy ruling it kept filing for corporate rehabilitation, but a South Korean court rejected its second rehabilitation application, pushing the firm toward liquidation rather than a court-supervised comeback.
Why it happened
- The platform took in customer deposits it could not return when withdrawals were requested, and the freeze that began after mid-June 2023 became permanent.
- Once the Seoul Bankruptcy Court declared Delio bankrupt in November 2024, the outstanding obligation — about 245 billion won owed to roughly 2,800 depositors — became a court-administered bill.
- The court's rejection of the rehabilitation bid confirmed there was no solvent path forward, converting an attempt to restructure into liquidation.
The lesson
A deposit-taking crypto lender that cannot return customer funds on request is not an investment — it is a liability a court must sort out, and a rehab bid is no substitute for having the assets.
Aftermath
Delio continued to pursue corporate rehabilitation after the bankruptcy ruling, but a third bid was later rejected as well, keeping the firm in liquidation.
Sources
- Cryptopolitan — South Korea's Delio declared bankrupt, owing ~245B won to ~2,800 customers
- CryptoNews — Korean court rejects second rehab request for bankrupt crypto lender Delio
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