South Korean Crypto Platform Haru Invest Executives Arrested Over $826 Million Embezzlement Case

According to The Block: South Korean authorities have detained three executives from the cryptocurrency income platform, Haru Invest, following accusations of embezzling approximately 1.1 trillion won ($826 million) from their users. As reported by The Block on February 6, 2024, among the arrested individuals are Haru Invest's two co-CEOs. The Seoul Southern District Prosecutor's Office accuses Haru Invest of siphoning off cryptocurrency worth about $826 million from nearly 16,000 users. Prosecutors allege that Haru Invest falsely advertised its operations as being facilitated through a "risk-free distributed investment technology" while conducting customer deposit investments largely through a single individual. Haru Invest, a platform known to offer up to 12% yield on its Earn Plus product, has been under investigation by local authorities since suddenly freezing withdrawals on June 14, 2023. In addition, cryptocurrency lender Delio, which previously collaborated with Haru Invest, is also being investigated after suspending withdrawals citing issues related to an abrupt stop of deposits and withdrawals by Haru Invest.