Haru Invest, a South Korean crypto yield platform, suspends withdrawals and deposits.
Haru Invest, a company based in South Korea that promised double-digit yields on its digital asset savings products, has halted withdrawals and deposits due to issues with its service partners. The company stated in a blog post that it is investigating the issue with the partners and working on a contingency plan to resolve the situation. In order to protect its users’ assets, the company has taken the difficult decision to suspend all deposit and withdrawal requests until further notice.
Haru Invest has not disclosed the specific partner that is causing the issues. The company’s LinkedIn page has been deleted, but its Twitter profile is still active.
According to Blockchain Korea, Upbit, a South Korean exchange, will limit Haru Invest’s ability to withdraw assets on its platform.
Local media reports suggest that Haru Invest’s office in Seoul is empty due to employees working from home for their own safety, according to a statement from CEO Hyung-soo ‘Hugo’ Lee.
Co-founder and former CTO of Haru Invest, Eunkwang Joo, suggested in a tweet thread that the company may have had an “internal situation,” but it is unlikely to be a malicious rug pull. Joo also stated that the closure of social media accounts was likely a legal response to an unknown situation.
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Previously, Haru Invest had invested $18 million into Montreal-based Pow.re. A request for comment sent to Haru Invest’s PR agency and listed communications manager has not yet been returned.
Edited by Parikshit Mishra.