South Korean Crypto Platform Haru Invest Halts Withdrawals, Accuses B&S Holdings of Fraud

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Key Takeaways

  • Haru halted withdrawals citing an “issue with one of the service partners.”
  • Haru Invest alleges that B&S Holdings deceived the company and its users

Haru Invest, a major digital asset management platform based in South Korea, has made the difficult decision to suspend withdrawals from its platform due to an issue involving one of its service partners. The company aims to protect its users’ funds while working on developing a contingency plan to address the situation.

With a global user base of over 80,000 individuals across 140 countries and approximately $1 billion in assets under management, Haru Invest has garnered a reputation for offering attractive annual yields of 12% to 25% on cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Circle (USDC), and XRP (XRP). Consequently, the suspension of withdrawals has raised concerns among investors regarding the security and accessibility of their investments.

Although Haru Invest has not disclosed specific details about the issue with its service partner, it has explicitly stated that this incident is not related to a “rug pull” scam, which involves deceiving investors and making off with their funds. The company is actively engaged in protecting its investors and assures them that it is diligently working to find a resolution.

In response to Haru Invest’s suspension, Upbit, a well-known South Korean crypto exchange, has also imposed restrictions on withdrawals to Haru Invest. This move by Upbit has heightened worries about the overall credibility and financial stability of the asset management platform.

Haru Invest has taken the matter a step further by publicly accusing B&S Holdings, formerly known as Aventus, a consignment operator, of submitting fraudulent management reports containing false information.

Haru Invest alleges that B&S Holdings deceived the company and its users. In order to safeguard the interests of its users, Haru Invest intends to pursue legal action, including civil and criminal proceedings, against B&S Holdings. The platform is currently engaged in discussions with the accused party to address the matter.

In a show of accountability, Haru Invest issued an apology to its investors and customers for the concerns and inconveniences caused. The company reassured them that resolving the issue remains its top priority.

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Saniya Raahath
Saniya Raahath

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