Revix to Altify | Your Haru-Related Key Questions Answered
Discover More: Investor Q&A on Haru Invest & Revix’s Integration with Altify!
This Q&A offers insights for Revix users affected by Haru Invest and clarifies the impact of the merger between Revix and Coinpanion that took place on 30 November 2023.
Q1: What is the latest update on the situation with Haru Invest?
South Korean officials are actively pursuing an investigation into Haru Invest (“Haru”) and its affiliate B&S Holdings (“Aventus”) in response to allegations of fraudulent activities leveled against Haru. The company, however, is cooperating with investigative authorities and consistently updating its partners on the ongoing developments.
Deloitte Anjin LLC, the South Korean partner arm of Deloitte, has been appointed as the accounting firm responsible for producing a Pre-initiation Investigation Report, which was submitted to the South Korean courts on January 4, 2024. Notably, this report excluded any coverage of cryptocurrency-related data, a decision likely influenced by the fact that Haru’s crypto assets are held by one of its international businesses, as clarified by CEO Hugo Lee.
Haru’s CEO has previously expressed the intention for a phased distribution of the crypto assets, contingent on the approval of a business rehabilitation plan by South Korean authorities. If authorised, this plan would empower Haru’s management to distribute the crypto assets they oversee. While specific details regarding the total value and schedule of the distribution remain undisclosed, Haru has affirmed that the assets will be dispersed in the form of crypto assets rather than fiat currency.
Despite these updates, comprehensive information is still limited, and the timeline for the asset recovery process is yet to be communicated to Revix investors.
Q2: What updates are available on Haru’s asset recovery and distribution plan?
Haru has mentioned that they plan to implement a phased asset recovery and distribution plan, but details on the total value and timing of redistribution are undisclosed. At this stage, a timeline for the asset recovery process cannot be provided to Revix investors.
Q3: How is Revix responding to the situation with Haru Invest?
Revix is actively pursuing multiple avenues to recover assets. Measures include engaging with regulators for enforcement action, monitoring contested bankruptcy proceedings, and collaborating with the Financial Sector Conduct Authority in South Africa to expedite the recovery process.
Q4: What is Revix’s outlook on the ongoing court proceedings with Haru Invest?
Revix remains hopeful that the outcome of Haru court proceedings will align with recent reports on Celsius and FTX. We will continue to provide updates as new information becomes available.
Q5: How can investors get more information or ask questions about this situation?
Investors can reach out to Revix’s support team at support@revix.com for any questions. Previous updates on these matters can be found on our Revix Medium account via this link.
Q6: How has Revix joining Altify impacted the assets held with Haru Invest?
There will be no impact to any reserved assets held on the Altify platform. You will be able to view your reserved assets in your portfolio once you have logged into your Altify account.
Revix remains committed to retrieving the assets held with Haru Invest and providing regular updates.
Q7: Will Revix keep its customers informed about developments and updates related to Haru Invest?
Yes, we will continue to communicate with you regarding updates and progress related to Haru Invest and your assets. Keeping our valued customers informed is a top priority, and we are committed to keeping you updated throughout this process to ensure transparency and keep you well-informed.
Q8: Is Revix’s customer support still available now that Revix has joined Altify?
Yes, Revix’s dedicated customer support team will be ready to assist with any inquiries you have. Feel free to reach out to our support team via email at support@revix.com.
