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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.

[단독] ‘2500억 사기’ 델리오 파산https://t.co/WcGeIDiaQd#델리오 #delio #가상자산예치업체 #회생법원 #하루인베스트 #haruinvest #법인파산 #암호화폐 #가상화폐 #디지털자산 #가상자산 #코인

– 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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Bitcoin Bitcoin Wallet Cryptocurrency Investment Cryptocurrency news

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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How do I become a crypto specialist?

Becoming a crypto specialist requires a mix of technical knowledge, financial understanding, and practical experience in the world of cryptocurrency. Here’s a step-by-step guide on how to become a crypto specialist:

1. Understand the Basics of Blockchain and Cryptocurrencies

  • Learn blockchain technology: Start by studying how blockchain works—its structure, consensus mechanisms (like Proof of Work, Proof of Stake), and decentralized systems.
  • Understand key concepts: Study the fundamentals of cryptocurrencies like Bitcoin, Ethereum, altcoins, tokens, and smart contracts.

Resources:

  • Read books like Mastering Bitcoin by Andreas Antonopoulos.
  • Explore online courses on platforms like Coursera, Udemy, or edX.

2. Study Cryptography and Security

  • Cryptography: Cryptocurrencies are secured by cryptographic techniques. Understanding asymmetric cryptography, hashing algorithms, and encryption is crucial.
  • Cybersecurity: Learn how to secure crypto wallets, exchanges, and private keys from hacking or theft.

Resources:

  • Take courses on cryptography and cybersecurity basics.
  • Learn how public and private keys work.

3. Familiarize Yourself with Blockchain Development

  • Coding knowledge: Learn programming languages commonly used in blockchain development, such as:
    • Solidity (for Ethereum smart contracts)
    • JavaScript
    • Python
    • Go
    • Rust (for Solana and other blockchains)
  • Smart Contracts: Learn how to write and deploy smart contracts, especially on Ethereum.

Resources:

  • Use resources like CryptoZombies or Ethernaut to practice Solidity and smart contract development.
  • Participate in hackathons like ETHGlobal or Chainlink Hackathons.

4. Understand the Financial and Economic Aspects

  • Tokenomics: Learn about the economic models behind cryptocurrencies, including token supply, inflation rates, governance, and staking mechanisms.
  • Market Analysis: Study the crypto market, including price trends, technical analysis, and fundamental analysis.
  • DeFi (Decentralized Finance): Understand decentralized finance applications such as lending, yield farming, and decentralized exchanges.

Resources:

  • Follow crypto financial news and analysis (CoinDesk, CoinTelegraph).
  • Study DeFi protocols like Uniswap, Aave, and Compound.

5. Stay Updated on Regulations and Compliance

  • Learn the legal aspects: Crypto regulations vary by country and are constantly evolving. Study the legal framework around Initial Coin Offerings (ICOs), Security Token Offerings (STOs), and regulatory bodies (like the SEC).
  • AML/KYC: Learn about Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, which are important in the crypto space.

6. Gain Practical Experience

  • Start trading or investing in crypto: This will help you understand market dynamics, price volatility, and how different tokens perform.
  • Work on real-world blockchain projects: Contribute to open-source blockchain projects on GitHub or participate in internships at blockchain companies.
  • Consulting or freelance work: Offer your skills to companies that need help with blockchain integration, crypto payments, or DeFi strategy.

7. Consider Certifications

  • Certified Cryptocurrency Expert (CCE) by Blockchain Council.
  • Certified Blockchain Developer (CBD) by Blockchain Training Alliance.
  • Certified DeFi Expert by DeFi Academy.
  • Ethereum Developer Certifications through ConsenSys Academy.

8. Build a Network

  • Join crypto communities: Engage in online forums, Reddit groups, or Discord channels focused on blockchain and crypto.
  • Attend conferences: Participate in blockchain events like Consensus or Devcon to network with professionals and stay updated on trends.

By continuously learning and engaging with the crypto ecosystem, you’ll develop the expertise to become a crypto specialist.

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Bitcoin Bitcoin Wallet Cryptocurrency news

Singapore-based cryptocurrency exchange BingX launches new cryptocurrency project incubator

A Singapore-based cryptocurrency exchange is launching a new platform to support promising digital asset projects.

In a new press release, BingX says it is launching BingX Labs, a new cryptocurrency project incubator that aims to help promising cryptocurrency projects with high potential distribute their tokens efficiently.

According to the press release, BingX is interested in projects that are deemed to “show strong marketing, user acquisition potential, and innovative technical solutions,” though specific digital assets were not mentioned. The company says it will offer market-making services, technical support, and strategic consulting to clients.

“The Lab is open to collaborating with successful and experienced Web3 teams and supporting industry-leading projects that demonstrate significant market potential and traction.

Leveraging the largest trading volume and community on the BingX exchange, BingX Labs is committed to supporting projects from their early stages and helping them succeed in the capital markets.”

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Bitcoin Wallet cryptocurrency exchange Cryptocurrency news Retirement

How long do you have to live in Canada to get an old age pension?

To qualify for the Old Age Security (OAS) pension in Canada, there are specific residency requirements you need to meet. Here are the details:

General Eligibility

  1. Age Requirement: You must be at least 65 years old.
  2. Residency Requirements:
    • Living in Canada: You must have lived in Canada for at least 10 years after the age of 18 to qualify for the OAS pension if you are currently living in Canada.
    • Living Outside Canada: If you are living outside Canada, you must have lived in Canada for at least 20 years after the age of 18 to qualify for the OAS pension.

Full OAS Pension

To receive the full OAS pension, you generally need to have lived in Canada for at least 40 years after turning 18. If you haven’t met this requirement, you may still receive a partial pension.

Partial OAS Pension

If you do not qualify for the full OAS pension, you can receive a partial pension. The amount of the partial pension is calculated based on how long you have lived in Canada after the age of 18. Specifically:

  • For each year of residency in Canada (after age 18), you will receive 1/40th of the full OAS pension amount.
  • For example, if you have lived in Canada for 20 years after turning 18, you would receive 20/40ths (or half) of the full OAS pension.

Special Considerations

  1. International Agreements: Canada has social security agreements with many countries. These agreements can help you qualify for the OAS pension by allowing you to combine periods of residence in Canada with periods of residence or contributions in other countries.
  2. OAS Pension Deferral: You can choose to defer your OAS pension for up to 5 years after you become eligible. For each month you delay receiving your pension, your monthly payment will increase by 0.6%, up to a maximum of 36% at age 70.

Summary

  • Minimum Residency for OAS: 10 years if currently living in Canada; 20 years if living outside Canada.
  • Full Pension Residency: 40 years.
  • Partial Pension: Calculated as 1/40th of the full pension for each year of residence in Canada after age 18.