Haru Invest, a cryptocurrency platform facing difficulties, is considering turning off its server a few months after it stopped allowing customers to withdraw their funds in June 2023. This decision is being made to cut down on the expenses associated with maintaining their server.
The CEO of Haru Invest, Hugo Lee, made this announcement on October 16 emphasizing that the server maintenance cost accounts for the “largest percentage of fixed costs” and it is a top concern for the company.
The company is shutting down its server, and this decision is part of Haru Invest’s effort to reduce its operating costs.
The CEO mentioned that “Some of the current fixed expenditures include the upkeep of Haru Invest services, the cost of workspace like the office, and the cost of communication with our members.”
The CEO’s goal is to minimize their ongoing expenses so that the company can preserve more of its assets. These assets will eventually be given back to users who have been unable to access their money on the platform since June.
One user wrote on Haru Invest’s Telegram channel, “Server costs cost nothing,” which has around 3,100 members.
One person on Telegram made a sarcastic comment, suggesting that servers will disappear because of their high monthly costs, around $200.
However, information available online indicates that the upkeep expenses for running a server for a small to medium-sized business typically vary from $35 to $500 each month.
Lee’s announcement about the impending shutdown of their servers follows Haru Invest’s decision to stop allowing deposits and withdrawals on June 13, 2023.
After that, the South Korean company closed its offices and let go of many employees, as reported by local news agencies.