South Korean Investment firm suspends withdrawals
Haru Invest suspends withdrawals, deposits citing partner issues; Upbit limits its platform activities.
South Korean company Haru Invest, known for offering high yields on digital asset savings products, has temporarily halted withdrawals and deposits due to undisclosed issues with service partners. The firm stated it was investigating the issue and has taken these actions to safeguard customer assets. Haru Invest has not revealed the specific partner causing operational disruptions.
Upbit, a local exchange, has decided to restrict Haru Invest's asset withdrawal capabilities on its platform. According to local media, Haru Invest's Seoul office remains unoccupied, with employees working remotely for safety reasons, as per a statement from CEO Hyung-soo 'Hugo' Lee.
Haru Invest's co-founder and former CTO, Eunkwang Joo, suggested via Twitter that the company might be dealing with an "internal situation," but denied the possibility of a deliberate rug pull. Joo believes the company's closure of its social media accounts, apart from Twitter, could be a legal response to an unidentified issue, potentially related to South Korean regulatory actions. The company had earlier invested $18 million in the Montreal-based miner, Pow re.
