Crypto yield platform Haru suspends transfers after investigation
On June 13, South Korean yield platform Haru Invest announced that it would be suspending deposits and withdrawals effectively immediately. "First of all, the company sincerely apologizes that its latest announcement has caused concerns to our valued investors and customers," Haru said, claiming that "certain information provided by a consignment operator was suspected to be false" during an "internal inspection process," thus leading to the transfer halt.
Haru Invest also claims that it did not experience a "rug pull" and is fully working to "protect our investors." Earlier in the day, the firm said it came "across a certain issue with one of the service partners we have worked with" and has been investigating the issue while seeking a contingency plan. Immediately afterward, local news outlets in South Korea claimed that Haru employees were working from home and offices had closed. Specifically, Maeil Business alleged:
To which developers commented: "We regret that several media articles on this topic contained information that are factually inaccurate."
According to its website, Haru Invest has over 80,000 members, 9.8 million crypto-earn payouts, and $2.27 billion in total transactions. The firm targets an annual yield of 12% on most of its earn products. In September, it raised $4 million on a $284 million valuation.
Important update from Haru Invest. https://t.co/igdTS2DaNp pic.twitter.com/E8mB6PeDQW
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