May 2024 | Revix’s Progress with Haru Invest

Hi Revix investor,

We’re writing to keep you informed regarding recent material developments in the Haru Invest (“Haru”) matter. Our aim is to continuously ensure open, objective, and clear communication as developments unfold.

Haru Invest Developments

The following are noteworthy points:

• As previously communicated, in June 2023, Haru Invest, one of our primary service providers, abruptly halted all operations including withdrawals due to alleged reporting irregularities involving its service partner, B&S Holdings.
• Extensive criminal investigations in relation to the matter resulted in the arrests of Hugo Lee, Haru’s CEO, and Bang Jun-ho, a key shareholder of B&S Holdings, on charges of fraud in South Korea.
• The second hearing for Haru’s fraud trial occurred on 19 April 2024. During this hearing, Haru Invest’s executive team denied the allegations of fraud, claiming to be victims themselves of Bang Jun-ho’s alleged fraudulent activities through B&S Holdings.
• It was also revealed in the hearing that the prosecution have possession of Haru’s physical cold crypto wallets and private keys, which allegedly contain substantial assets. The prosecution raised the importance of transferring the assets to a new cold wallet for the safekeeping of the seized assets. The safe management of the cold wallets, where Haru’s virtual assets are stored, is closely related to the recovery of damages.
• The court emphasised that the significant number of victims in this case warrants consideration of their opinions regarding the recovery of damages. Additionally, it was advised that the prosecution should continue to preserve the seized virtual assets, a measure advantageous to all affected parties, including Revix investors
• The next hearing in the trial is scheduled for 21 May 2024.
• Additionally, a petition for the bankruptcy of various Haru entities was filed on 12 April 2024. If this corporate bankruptcy petition is approved by the relevant court, the assets of the company in question will be distributed amongst affected creditors, which includes Revix investors. A bankruptcy application has also been filed against Bang Jun-ho.

We view the recent developments in a positive light. The legal process is accelerating. With several hearings scheduled for May, including the bankruptcy case, we’re experiencing improved information flow. From the ongoing developments, it’s evident that both the courts and prosecution are giving utmost priority to recovering assets for the benefit of the victims.

We currently don’t have any additional information and cannot provide Revix investors with an estimated timeline for releasing reserved assets as the ongoing South Korean investigations and trials are still underway.

We caution all readers 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 assets from Haru.

Further updates will be shared each month or more often if credible information becomes available.

Revix remains fully dedicated to recovering the assets held with Haru and are committed to resolving this as quickly as possible.