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Haru Invest suspends withdrawals

The South Korean yield platform Haru Invest abruptly suspended withdrawals and deposits on June 13. They wrote in a blog post that they were experiencing "a certain issue" with an unnamed partner, later announcing that "we have discovered through our internal inspection process that certain information provided by a consignment operator was suspected to be false."

The following day, the company named the partner as B&S Holdings (formerly Aventus), and announced that they were taking legal action against the company for filing falsified management reports.

Haru Invest advertised APR in the double digits.

On June 22, Haru laid off 100 employees. Haru explained in a blog post: "after much consideration, it comes with a heavy heart to inform you that we will be minimizing the operations of Haru Invest and its affiliated companies to prevent further damages that are likely to be incurred". Haru's CEO told local media that Haru's offices were empty because employees were working from home for their own safety. After Haru halted withdrawals, they closed their office, and CoinDesk reported that "all company officials disappeared".

Theme tags: Hmm, Layoffs