3 - 4 minute read
Haru Invest, a South Korean firm that promised double-digit yields on its digital asset savings products, has temporarily halted withdrawals and deposits due to issues with its service partners. In a blog post, Haru Invest stated that it is investigating the issue with its partners and seeking a contingency plan to fix the situation. The firm has suspended any deposit and withdrawal requests until further notice to protect its users’ assets under its custody.
The company has not disclosed the name of the specific partner that is impacting its operations. Haru Invest’s LinkedIn page has been deleted, but its Twitter profile is still functioning. Upbit, a South Korea-based exchange, has stated that it would limit Haru Invest’s ability to withdraw assets on its platform, according to CoinDesk Korea.
Local media reports suggest that Haru Invest’s office in Seoul is empty because employees are working from home for their safety, according to a statement from its CEO, Hyung-soo ‘Hugo’ Lee. Eunkwang Joo, Haru Invest’s co-founder and former CTO, said in a tweet thread that the company may have had an “internal situation,” but it is unlikely to be a malicious rug pull.
Joo stated that the closing of social media accounts was likely a legal response to some unknown situation. This might be a response to moves from South Korea’s regulator. Previously, Haru had invested $18 million into Montreal-headquartered miner Pow.re.
The news of Haru Invest’s temporary suspension of withdrawals and deposits has raised concerns among traders. The lack of information about the specific issue with its service partners and the closure of its LinkedIn page has left many wondering about the future of the company.
According to experts, Haru Invest’s situation highlights the importance of conducting due diligence before investing in digital assets. Traders should carefully research the companies they are investing in and the partners they work with to avoid any potential risks.
Traders should also monitor the situation closely and stay updated on any developments. The impact of Haru Invest’s situation on digital asset prices is uncertain, but traders should be prepared for potential market volatility.
The Bottom Line
Haru Invest’s temporary suspension of withdrawals and deposits due to issues with its service partners has raised concerns among traders. The lack of information about the situation and the closure of its LinkedIn page has left many questioning the future of the company. Traders should conduct due diligence and monitor the situation closely to avoid any potential risks. The impact of the situation on digital asset prices is uncertain, but traders should be prepared for potential market volatility.