Daelio Announces User Repayment Plan Amidst Legal Proceedings
CryptoNewsTerminal Staff04 Jun, 2024
Daelio Announces User Repayment Plan Amidst Legal Proceedings
Daelio, a South Korean crypto exchange, has unveiled a repayment plan for its users ahead of the upcoming criminal trial of its CEO and the company's bankruptcy hearing. According to Etoday, the plan involves repaying the full debt owed to users in four installments: - 20% (twice) - 25% - 35% However, the repayment plan lacks crucial details, such as specific repayment dates, available funds, and sources of repayment funds. Daelio's estimated damages amount to approximately 247.4 billion won (about $223 million). The announcement of the repayment plan follows the arrest of Daelio CEO Jeong Sang-ho on charges of embezzlement and fraud. The company filed for bankruptcy in August 2023, leaving many users with outstanding balances. Daelio's repayment plan has been met with mixed reactions from users. While some have expressed relief at the prospect of regaining their funds, others have raised concerns about the lack of specificity in the plan. The pending criminal trial and bankruptcy hearing will likely determine the fate of Daelio and its ability to fulfill its repayment obligations.
