Delio, a South Korean crypto-finance company suspected of stealing $180 million from users, plans to transfer debt by setting up a new company
On June 20th, it was announced that the Korean virtual asset management and lending platform, Delio, plans to establish a new company to take over all of its debts. Delio intends to sell its existing entities, including a virtual asset service provider (VASP), and use the proceeds from the sale to settle its financial obligations.
Currently, Delio is facing trial on charges of stealing approximately 250 billion Korean won ($180 million) worth of cryptocurrency and abruptly halting access to the cryptocurrency without prior notice. Industry experts have expressed doubts about the feasibility of Delio's strategy, suggesting that the plan may be to obtain a lighter sentence in the ongoing trial.
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