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Delio CEO Shocks Court — “We Never Guaranteed Your Crypto Deposits… | EVM News
LUCKNOW (CoinChapter.com) — Jung Sang-ho, the CEO of a failed cryptocurrency platform, Delio, dropped a bombshell on his former customers. During his second court trial in Seoul, Jung boldly stated, “I never promised to guarantee the principal.”
This statement, made at the Seoul Southern District Court on June 25, ignited an immediate uproar among creditors present at the trial. The courtroom erupted with angry voices as investors challenged Jung’s claim. They fired back with pointed questions: “Why is a deposit considered an investment,” challenging the very foundation of Delio’s business model. The tension in the courtroom was palpable, with some accusing Jeong of outright lying.
What Exactly Had Happened?
Jung’s words contradict what many believed about Delio. Just two years ago, the company proudly announced it was the first in Korea to get official approval for crypto lending. It boasted about bank-level security and promised safe, reliable services.
But last June, everything fell apart. First, Delio’s sister company, Haru Invest, suddenly stopped all withdrawals. Delio quickly followed suit, leaving customers unable to access their funds. Since then, it’s been a nightmare for investors trying to get their money back.
Prosecutors aren’t buying Jung’s story. They claim Delio and Haru Invest were playing fast and loose with customer funds, using them for risky investments instead of keeping them safe. They’ve accused the companies of lying to customers about how they managed money.
Jung’s lawyers are fighting back, saying only a small part of Delio’s assets were affected when another big crypto company, FTX, collapsed. But for investors who can’t access their savings, these arguments offer little comfort.
Jung also defended his position, arguing that Delio had always been transparent about the risks. He pointed out that the company’s terms and conditions clearly stated the nature of the investments and that they had complied with all regulatory requirements set by the Korea Financial Intelligence Unit (FIU).
“Since receiving our virtual asset business operator license in 2021, we’ve reported our status quarterly and operated under FIU supervision,” Jeong explained.
Investors Left in Limbo
The drama didn’t end with the formal proceedings. A heated 20-minute confrontation erupted between Jung and creditors after the trial. One investor claimed to have evidence of inquiring about principal guarantees just months before joining Delio, directly contradicting Jeong’s courtroom statements.
Jung’s legal team didn’t stop at denying the principal guarantee accusations. They challenged various aspects of the prosecution’s case, including allegations of unsecured lending and mismanagement of customer assets. The defense also questioned the legality of evidence collection, particularly regarding server data seized from Gavia Co., Ltd.
The prosecution stood firm, insisting on the legality of their evidence collection process. However, they admitted to potential oversights in offering participation rights to Jeong and his lawyer during the search and seizure operations.
Jung’s next trial is set for July 23. The court has ordered the prosecution to provide a detailed rebuttal, including evidence lists and justification for their investigative methods.
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Crypto ATMs Available Worldwide Surge Toward All-Time High | EVM News
YEREVAN (CoinChapter.com) — The number of crypto ATMs installed globally has surged by 17.8% to about 38,280 over the past year, nearing the all-time high of 39,541 set in Dec. 2022. The surge could be a signal of increasing crypto adoption.
In 2024, over 2,560 new cryptocurrency ATMs were installed, marking a positive shift from 2023, which saw a net loss of 2,861 machines, according to Coin ATM Radar.
Installations increased every month from July 2023 to May 2024. Although there was a brief dip between 2022 and 2023, with a significant drop in installations, 2024 has shown a recovery with a net increase in the number of Crypto ATMs.
Bitcoin Depot, Coinflip, and Athena Bitcoin Lead the Market
Bitcoin Depot, Coinflip, and Athena Bitcoin are leading the cryptocurrency ATM market. Moreover, Bitcoin Depot has 7,543 machines, followed by Coinflip with 5,057, and Athena Bitcoin with 2,756.
Bitcoin is the most popular cryptocurrency transacted through these ATMs, followed by Bitcoin Cash, Ether, and Litecoin.
In terms of geography, more than 82% of the world’s cryptocurrency ATMs are in the United States. Canada follows with 7.7%. Australia has seen a significant increase, rising nearly 17-fold to over 1,100 machines in two years. At the current rate, Australia may soon surpass Europe’s 1,584 ATMs.
Spain, Poland, and El Salvador have notable numbers of cryptocurrency ATMs, with 313, 279, and 215 machines, respectively. Germany and Hong Kong also have significant numbers, with 177 and 169 ATMs each.
Crypto ATM Installations Recover After Significant Drop, Expanding Globally
Between Dec. 2022 and July 2023, the total number of installations dropped to an 18-month low of 32,764. BitAccess net installations fell by 26% from 9,160 in Aug. 2022 to 6,774 in Jan. 2024 before mounting a recovery in later in the year.
Notably, among the 193 United Nations-recognized countries, 72 operate a crypto ATM. Countries with more than 100 ATMs include Romania, Georgia, Switzerland, Austria, and New Zealand.
Above all, the steady increase in cryptocurrency ATMs, despite previous setbacks, highlights the sector’s recovery in the cryptocurrency ATM sector. In fact, President Nayib Bukele’s promise of a Bitcoin bank project could also advance crypto’s advancement goals.
Hot Projects
Pump.fun Revenue Surpasses $50 Million | EVM News
YEREVAN (CoinChapter.com) — Pump.fun’s cumulative revenue has crossed $50 million. The Solana-based memecoin launchpad is noted for its ease of use and Solana’s low transaction fees. According to DefiLlama data, Pump.fun generated over $598,000 in revenue within the past 24 hours.
Pump.fun’s Memecoin Launch and Continued User Engagement
Pump.fun has helped launch over 1.18 million memecoins. The platform’s popularity grew amid the recent meme-token boom, resulting in the creation of various political-themed cryptocurrencies, celebrity tokens, and more. Data from Dune Analytics confirms the high volume of memecoins deployed via Pump.fun.
Recent unfavorable market conditions have caused a dip in daily fees. However, Pump.fun still shows significant user engagement and economic activity on the Solana network.
Pump.fun Boosts Solana’s Economy Amid Rising Competition
The substantial fees generated by Pump.fun and the large number of tokens deployed have brought considerable economic activity to Solana. The platform maintains high user interest and drives transactions.
Dexscreener, a crypto data aggregator, launched a rival memecoin launchpad named Moonshot. Also based on Solana, Moonshot accumulated nearly $500,000 in revenue during its debut week, according to DefiLlama data. This new competitor adds another layer to the growing memecoin market on Solana.
Pump.fun’s Revenue Model and Celebrity Impact on Solana
Pump.fun charges a 1% fee on trades and a two SOL fee when tokens gain enough liquidity to list on Raydium, a decentralized exchange on the Solana blockchain. This revenue model has significantly boosted user engagement and transaction activity within the Solana ecosystem.
Celebrity involvement has also contributed to Pump.fun’s growth. Last month, Caitlyn Jenner launched her token, JENNER, on the platform and heavily promoted it. The token’s value quickly rose to $43.6 million after the launch but has since dropped by over 85%.
Key Numbers and Facts
- Pump.fun’s cumulative revenue: $50 million+
- Memecoins launched: 1.18 million+
- Recent 24-hour revenue: $598,000+
- Moonshot’s debut week revenue: $500,000
Hot Projects
Real Bedford Football Club Signs 5-Year Bitcoin Sponsorship with W… | EVM News
YEREVAN (CoinChapter.com) — Crypto exchange Gemini and Real Bedford football club, co-owned by Peter McCormack, have signed a five-year sponsorship deal. The deal, announced on Monday, aims to support the club’s success and create new opportunities for locals. It will be paid in Bitcoin.
Winklevoss Capital, owned by Gemini founders Tyler and Cameron Winklevoss, made a $4.5 million investment in the football club in April. The new sponsorship is in addition to the previous investment. The April investment made the Winklevoss twins co-owners of the club alongside McCormack. McCormack bought the club in 2022.
Company Logo to Feature on Jerseys in New Deal
A Gemini spokesperson explained that both the team’s jerseys and the pitch will feature Gemini’s logo as part of the sponsorship deal. Gemini has sponsored the club since 2022. The value of the new deal was not disclosed.
Real Bedford’s integration of Bitcoin into its operations stands out. Players are able to receive payments in cryptocurrency, and fans can buy tickets and merchandise using Bitcoin. This integration has led to a +62% return, strengthening the club’s financial position.
Real Bedford’s Bitcoin Strategy Secures 62% Return
Real Bedford football club holds its treasury in Bitcoin. The five-year sponsorship deal will be paid directly into this Bitcoin treasury. This strategy safeguards the club’s savings and investments against high inflation. The football club plans to use the sponsorship funds to build a new training center and launch a youth football academy for underprivileged children in Bedford, England.
“By integrating Bitcoin into our treasury, we have achieved a +62% return,”
McCormack said. This return has helped protect the club’s cost base against inflation. Bitcoin is a key part of its financial strategy.
“I want to extend a massive thank you to Gemini for renewing their sponsorship agreement with Real Bedford for another five years.
McCormack commented
The sponsorship deal will provide significant support to children in Bedford. For example, the new training center and youth football academy are significant steps forward for the area. They will provide better opportunities for underprivileged children in Bedford, where McCormack lives.
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