TechFlow news, according to The Block, South Korean prosecutors announced on Monday that they have arrested and detained three executives of crypto yield platform Haru Invest, including its two co-CEOs. An official from the Seoul Southern District Prosecutors' Office stated that Seoul prosecutors accused the trio of stealing approximately 11 trillion won ($826 million) worth of cryptocurrency from around 16,000 users.
Haru is also alleged to have invested the majority of customer deposits through a single individual, while falsely advertising that deposits were managed via a "risk-free distributed investment technology." Haru Invest offered its Earn Plus product users yields as high as 12%.
Local authorities have been investigating both companies since Haru and cryptocurrency lending firm Delio abruptly suspended withdrawals on June 14, 2023. Delio attributed the suspension to Haru Invest's sudden halt of deposits and withdrawals earlier that day, as Delio had previously partnered with Haru Invest.
