Haru Invest Takes Legal Action Against Consignment Partner
Haru Invest Takes Legal Action Against Consignment Partner
Two days after the suspension of deposits and withdrawals from its platform, Haru Invest filed a criminal complaint against consignment operator B&S Holdings.
On June 13, the South Korean crypto investment firm imposed an unprecedented embargo on monetary movements over a ‘service partner issue.’
In an announcement posted on Twitter, Haru Invest alleges B&S Holdings, formerly known as Aventus, of having ‘fraudulently provided management reports containing false information’ which deceived Haru and its users.
The South Korean firm disclosed filing of a criminal complaint against its former service provider and plans to file civil action next.
Haru Invest is a South Korean digital asset management platform headquartered in Singapore. Founded in 2019, the firm holds an estimated $1 billion in assets, with a strong user base of 80,000 customers across 140 countries, Cryptopolitan reports.
Haru Earn offers between 12% to 25% annual percentage yield for users, making it an ideal platform for long-term investors. The APY for five crypto majors is 11% for Bitcoin, 10.5% for Ethereum, 12% for Tether, 11% for USD Coin, and 10% for XRP, its website claims.
In May, Haru launched its crypto mining product Haru Mining which represented a strategic expansion for its investment services according to Yahoo! Finance.
It also facilitated a successful capital round in 2022. It added $4 million fresh cash from the initiative which sent its total valuation to $284 million.
The positive momentum overturned on June 13 after the company posted an announcement through a blog post, citing its decision to temporarily halt deposits and withdrawals at 0:40 UTC to protect users’ assets entrusted in its custody.
Its CTO Eunkwang Joo assured investors about the improbability of a rug pull despite its turbulent situation.
