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Home»ADOPTION NEWS»South Korea arrests Haru Invest executive for embezzlement of $826 million
ADOPTION NEWS

South Korea arrests Haru Invest executive for embezzlement of $826 million

By Crypto FlexsFebruary 6, 20243 Mins Read
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South Korea arrests Haru Invest executive for embezzlement of 6 million
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Posted 1 minute ago In ~

Prosecutors said Monday that they had arrested and detained three executives of cryptocurrency yield platform Haru Invest, including two co-CEOs.

Seoul prosecutors have charged three people with stealing about 1.1 trillion won worth of cryptocurrency from about 16,000 users, an official at the Seoul Southern District Prosecutors’ Office told The Block.

One day, he was accused of investing most of his customers’ deposits through one individual while falsely advertising that the deposits were managed using ‘risk-free diversified investment techniques.’ Haru Invest offer Earn Plus products offer returns of up to 12% to users.

Local authorities have been investigating Haru and cryptocurrency lending company Delio after they suddenly stopped withdrawals on June 14, 2023. Delio announced that the cause was the sudden suspension of deposits and withdrawals by Haru Invest, with which Delio cooperated, this morning.

On the same day, I submitted a petition. criminal charges It alleged that consignment operator B&S Holdings defrauded the company through false reporting, resulting in losses of more than $260 million due to the FTX collapse.

Last month, the prosecution issued an arrest warrant for B&S’s majority shareholder, Mr. Bang. Bang’s name is not being released due to South Korea’s privacy regulations.

The prosecution said, “We will thoroughly investigate the true nature of the crime (alleged crime) through the investigation, while doing our best to recover the damage and recover the proceeds of the crime.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.

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