Haru, a platform for cryptocurrency yield, suspends transfers due to investigation.

On June 13, Haru Invest, a yield platform based in South Korea, announced that it would be halting deposits and withdrawals immediately. The company apologized to its investors and customers, and stated that during an internal inspection process, certain information provided by a consignment operator was suspected to be false, leading to the suspension of transfers. After conducting a thorough investigation, Haru Invest concluded that immediate suspension of transactions was necessary to protect its investors. The company claims that it did not experience a “rug pull” and is working to protect its investors. Earlier in the day, Haru Invest had reported an issue with one of its service partners and was investigating the issue while seeking a contingency plan. Local news outlets in South Korea reported that Haru employees were working from home and offices had closed. However, in response, developers stated that several media articles contained inaccurate information. Haru Invest has over 80,000 members, 9.8 million crypto-earn payouts, and $2.27 billion in total transactions. The company aims for 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

— Haru Invest (@haruinvest) June 13, 2023

Magazine: Binance humiliated, HK needs 100K crypto workers, China’s AI unicorn: Asia Express