South Korean Crypto Company Haru Invest Suspends Withdrawals and Deposits

Liputan6.com, Jakarta Haru Invest, a crypto company in South Korea that promises double-digit returns on its digital asset savings product, has stopped withdrawals and deposits, citing problems with service partners.

“We are now investigating this matter further with them and looking into a contingency plan to rectify the situation,” said Haru Invest in a blog post, quoted from CoinDesk, Wednesday (14/6/2023).

The company added, for the purpose of protecting the assets of users under supervision, the company has made the difficult decision that all deposit and withdrawal requests will be suspended until further notice.

Haru Invest declined to name specific partners that influence its operations. The company’s LinkedIn page has been removed, but its Twitter profile still works. Upbit, a South Korea-based crypto exchange, said it would limit Haru Invest’s ability to withdraw assets on its platform.

Local media reported that Haru Invest’s Seoul office was empty as employees worked from home for their own safety, according to a statement from Haru Invest’s CEO Hyung-soo ‘Hugo’ Lee.

Haru Invest co-founder and former CTO Eunkwang Joo said in a tweet the company may have an “internal situation”. Joo said the social media account shutdown was likely a legal response to some unknown situation.

This may be a response to a move from South Korean regulators. Previously, Haru had invested USD 18 million or the equivalent of IDR 267.6 billion (assuming an exchange rate of IDR 14,870 per US dollar) in a crypto miner headquartered in Montreal.

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