Scandal Unveiled: Haru Invest Executives Arrested for Alleged Cryptocurrency Theft

South Korean authorities have apprehended three top-level executives from the yield platform Haru Invest, alleging their involvement in embezzling 1.1 trillion won (equivalent to $828 million) worth of cryptocurrency from approximately 16,000 clients.

According to Yonhap News, the company’s CEO is purportedly among those detained by the Joint Investigation Team of Virtual Asset Crimes, operating under the Seoul Southern District Prosecutors’ Office.

Haru Invest, previously touting lucrative double-digit yields for crypto deposits, has encountered turbulence in recent times. It ceased withdrawal and deposit services in June of the previous year, citing complications with service partners, and subsequently terminated the employment of about 100 staff members. Yonhap’s report indicates suspicions surrounding the platform’s involvement in a fraudulent scheme termed as a “rug pull,” where crypto project founders vanish with investors’ assets.

Prosecutors have leveled accusations against the Haru executives, asserting their misappropriation of customer funds spanning from March 2020 to June 2023. Despite advertising the use of “risk-free, diversified investment techniques,” authorities allege foul play in the handling of client assets.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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