Haru Invest, an interest-bearing South Korean crypto platform, said on June 13 that it had halted user deposits and withdrawals.
User access to funds suspended
Haru said it was necessary to stop trading to protect investors after a trading error. He did not indicate when he could reopen deposits and withdrawals.
The company explained that it decided to stop the services after discovering that the information provided by a partner, specifically a shipping operator, was false. He said he is now investigating the operator and said he plans to take “necessary measures.”
Haru tried to reassure users that rumors, such as suggestions that company members have pulled off a rug-pulling scam, are inaccurate.
Community members noted that the company removed his YouTube and LinkedIn profiles, something Haru did not admit to in his announcement.
Other companies paralyzed services in 2022
Several other crypto platforms that offered lending or interest-bearing features stopped user withdrawals starting in the summer of 2022. Celsius, Voyager Digital, Babel Finance, CoinFlex, and BlockFi were among the companies that stopped withdrawals at that time. Many of those companies later filed for bankruptcy.
Haru has not provided an explanation for the service outage. The company reports less than $1 billion in assets under management.
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