TechFlow news, June 17 — According to The Block, South Korea's Seoul Southern District Court on Tuesday acquitted Haru Invest CEO Lee Hyung-soo of fraud charges. The company abruptly suspended user withdrawals in June 2023, reportedly causing around 6,000 investors to lose $650 million. The court ruled that although there were management lapses, Lee’s actions did not meet the legal criteria for fraud under criminal law. It noted that Haru’s withdrawal suspension was primarily linked to the broader liquidity crisis triggered by FTX’s bankruptcy. Two co-CEOs of Blockcrafters, Haru’s parent company, were also acquitted, while the company’s chief operating officer was sentenced to two years in prison for embezzlement. The court emphasized that the verdict only relieves the defendants of criminal liability and does not affect their civil responsibilities toward victims.
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