South Korean cryptocurrency financial company Delio plans to transfer its debt by establishing a new company.

ChainCatcher news, according to Chosun Biz, South Korean virtual asset management and lending platform Delio has issued a notice to creditors, announcing plans to establish a new company to take over all its debts. Delio intends to sell its existing entities, including a virtual asset service provider (VASP), and use the proceeds from the sale to address its financial obligations.

Currently, Delio is facing trial on charges of allegedly stealing approximately 250 billion won (about 180 million USD) in cryptocurrency and suddenly halting cryptocurrency deposits and withdrawals without prior notice. Industry experts have expressed skepticism about the feasibility of Delio's strategy, suggesting that the plan may be aimed at obtaining a lighter sentence in the ongoing trial.