Haru halts withdrawals and deposits

Haru Invest, a South Korean interest-bearing crypto platform, said connected June 13 that it has halted deposits and idiosyncratic withdrawals.

User entree to funds suspended

Haru said that it was indispensable to halt transactions successful bid to support investors pursuing a concern error. It did not authorities erstwhile it mightiness reopen deposits and withdrawals.

The institution explained that it decided to halt services aft uncovering that accusation provided by a spouse — specifically a consignment relation — was false. It said that it is present investigating the relation and said that it plans to instrumentality “necessary measures.”

Haru attempted to reassure users that rumors, specified arsenic suggestions that institution members person performed a rug propulsion scam, are inaccurate.

Community members noted that the institution has deleted its YouTube and LinkedIn profiles, thing that Haru did not admit to successful its announcement.

Other companies halted services successful 2022

Several different crypto platforms that offered lending oregon interest-bearing features halted idiosyncratic withdrawals opening successful the summertime of 2022. Celsius, Voyager Digital, Babel Finance, CoinFlex, and BlockFi were among the companies to halt withdrawals astir that time. Many of those companies aboriginal filed for bankruptcy.

Unlike immoderate of the supra companies, Haru has not explicitly said that a deficiency of funds motivated its work halt, nor has it said that it volition record for bankruptcy. However, the company’s incomplete mentation leaves the severity of its concern unclear.

The institution reports less than $1 billion successful assets nether management.

The station Haru halts withdrawals and deposits appeared archetypal connected CryptoSlate.