Haru Invest suspends deposits and withdrawals in South Korea

Haru Invest suspends deposits and withdrawals in South Korea

Haru Invest, a well-known South Korean firm offering digital asset savings products with high yields, has surprisingly halted all deposits and withdrawals. The company claims that the suspension is due to issues with its service partners and is a precautionary measure to protect the assets it holds in custody. However, Haru Invest has not disclosed the specific partner responsible for the disruption. Interestingly, the company’s LinkedIn page has been deleted, while its Twitter profile remains active. Furthermore, Upbit, a reputable South Korean exchange, has restricted Haru Invest’s ability to withdraw assets from its platform.

Haru Invest suspends deposits and withdrawals in South Korea

In order to secure the assets under its control, Haru Invest’s office in Seoul is currently vacant, with employees working remotely. CEO Hyung-soo ‘Hugo’ Lee issued a statement regarding this arrangement. Co-founder and former CTO, Eunkwang Joo, hinted on Twitter that there might be an internal issue, although any unauthorized manipulation has reportedly been resolved.

The closure of the firm’s social media accounts could be a legal response to an uncertain situation, potentially related to regulatory actions in South Korea. This suspension of withdrawals and deposits raises concerns about the stability and reliability of the platform, emphasizing the importance of conducting thorough due diligence before engaging with any crypto investment service.

Coinbold compiled this article.