Hi Revix investor,
We’re writing to keep you informed regarding recent material developments in the Haru matter. Our aim is to continuously ensure open and clear communication as developments unfold.
In recent weeks, the criminal enforcement process in South Korea gathered significant momentum. In early February, South Korean Authorities arrested Hugo Lee, the CEO and founder of Haru. This arrest swiftly followed that of Jun-Ho Bang, the key individual behind B&S Holdings. We consider this a positive development as the prosecution has now encompassed the two principal figures in this case.
Additionally, it has been reported that a South Korean prosecution official involved in this case is committed to actively collaborating with other regulatory bodies so that data obtained from these proceedings can be used for business rehabilitation procedures in the future.
Simply put, this indicates the South Korean prosecution office intends to share information with other legal and regulatory bodies. This effort aims to facilitate the restructuring of Haru under legal oversight, primarily focusing on resolving its financial obligations, including repayments to its clients.
It is our hope that this development will expedite the redistribution of assets and set this matter on a similar trajectory as Celsius and FTX.
This degree of prosecutorial cooperation, combined with the regulatory constraints which binds the Haru corporate structure in the United States, the European Union and the British Virgin Islands, demonstrates that there are sufficient resources to fully investigate this matter. We are hopeful that such a full investigation will allow Revix to constructively participate as a creditor to secure its claim and return value to the Revix customers in the shortest time-frame possible.
As noted in prior updates, Haru has not revealed specific details regarding the total value of the crypto assets under its custody or what percentage of crypto holdings were held with B&S Holdings.
Unfortunately, we do not have any further information at this time, and we’re not in a position to furnish Revix Users with a timeline for the release of any reserved assets. We understand and share your frustrations about the progress of this case and we thank you for your ongoing patience.
We caution all Users against drawing conclusions from speculative online forums, social media posts, or media reports that are not privy to the ongoing efforts of creditors, which include Revix, in recovering the reserved assets of your account.
Further updates will be shared with you as credible information of material importance to our Users becomes available.
We remain fully dedicated to recovering the assets held with Haru and are committed to resolving this as quickly as possible.
