Haru Invest Announces Withdrawal & Deposit Pause
Haru Invest, a crypto yield platform founded in South Korea and headquartered in Singapore, has announced the suspension of deposits and withdrawals on Tuesday, citing concerns over the accuracy of information provided by one of its service partners.
Internal investigation
In a statement, the company expressed its apologies to investors and customers, assuring them that the suspension was a necessary measure taken to protect their interests. In another blog post, the company stated: “For the purpose of protecting our users’ assets under our custody, we have come to make a tough decision that any deposit and withdrawal requests will be suspended until further notice, starting from June 13, 2023, at 0:40 UTC.”
Following an internal inspection process, Haru Invest conducted a thorough investigation into the matter and concluded that immediate action was required. The company stated that it is currently engaged in a fact-finding process against the operator in question and intends to take the necessary measures to address the situation.
“Rug pull” denial
Haru Invest emphasized that this issue does not involve a “rug pull,” a term commonly associated with scams in the cryptocurrency space. The company assured its stakeholders that it remains committed to protecting its investors and is actively working towards a resolution.
Earlier reports suggested that Haru Invest employees were working remotely and that the company’s offices had closed. However, Haru Invest clarified that certain media articles contained inaccurate information regarding these claims. The company expressed regret over the misinformation and emphasized the importance of factual accuracy in reporting.
According to Haru Invest’s website, the platform boasts a significant user base of over 80,000 members. It has facilitated crypto-earn payouts totaling 9.8 million and processed a staggering $2.27 billion in transactions. Haru Invest aims to provide an annual yield of 12% on most of its earn products, offering investors an attractive opportunity in the crypto space.
Haru Mining
In September of the previous year, Haru Invest successfully raised $4 million in funding, valuing the company at $284 million. This achievement demonstrates the confidence investors had in the platform and its potential for growth.
As recently as last month nothing looked untoward when it emerged that the company had launched Haru Mining, a collaboration with Canadian crypto miner, Pow.re. In a press release at the time, the firm explained that the move would help to diversify its products, with mining always having been an area of interest for the company.
In the same month, Haru had announced an integration with Mercuryo, a London-based digital asset management platform.
As Haru Invest continues to address the concerns raised by the investigation, investors and customers await further updates regarding the resumption of normal operations. The company has promised that “more details will be shortly announced on the Haru Invest Blog as soon as we get to the bottom of this.”
