In an unexpected development, Haru Invest, a South Korean firm known for offering double-digit yields on its digital asset savings products, has temporarily halted withdrawals and deposits.
The company attributed this decision to issues with its service partners and is currently investigating the matter to find a resolution. The main objective behind the suspension is to safeguard the assets held under the custody of Haru Invest.
While Haru Invest has not disclosed the specific partner causing the operational impact, the firm’s LinkedIn page has been deleted, although its Twitter profile remains active. Upbit, a South Korean exchange, has reportedly limited Haru Invest’s ability to withdraw assets on its platform.
Haru Invest’s office in Seoul is currently unoccupied, with employees working from home for their own safety, according to a statement by CEO Hyung-soo ‘Hugo’ Lee.Â
Eunkwang Joo, co-founder and former CTO of Haru Invest, took to Twitter to address the situation, suggesting that there may have been an internal issue but dismissing the possibility of a malicious rug pull.
The closure of social media accounts is speculated to be a legal response to an unknown situation, possibly related to regulatory actions in South Korea.
Haru Invest raises concerns about the stability and reliability of the platform, emphasizing the importance of thorough due diligence before engaging with any crypto investment services.
