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Haru Invest Execs Arrested in South Korea for Allegedly Stealing $828M Worth of Crypto: Report
The platform paused withdrawals and fired 100 employees last June citing issues with service partners.
South Korean authorities have arrested three executives at yield platform Haru Invest for allegedly stealing 1.1 trillion won ($828 million) worth of crypto from around 16,000 customers, Yonhap News reported on Tuesday.
The company’s CEO is reportedly among the three arrested by the Joint Investigation Team of Virtual Asset Crimes of the Seoul Southern District Prosecutors' Office.
STORY CONTINUES BELOW
Haru Invest, which once promised double-digit yields for crypto deposits on the platform, has been in troubled waters for some time. It paused withdrawals and deposits in June last year, citing issues with service partners, and fired around 100 employees shortly afterward. Yonhap reports the platform is suspected of running a scam known as a “rug pull,” where founders of crypto projects disappear with customers’ funds.
The prosecutors have accused the Haru executives of misappropriating customer funds between March 2020 and June 2023 while advertising they were using “risk-free, diversified investment techniques.”
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
