January 2024 | Revix’s Progress with Haru Invest

Hi Revix investor,

We’re writing to keep you informed about the ongoing situation with Haru Invest. Our aim is to ensure open and clear communication as developments unfold.

• South Korean officials are continuing their investigation into Haru Invest (“Haru”) and its affiliate B&S Holdings (“Aventus”), following accusations of fraudulent activities against Haru and B&S Holdings.
• In a recent material development, investigators issued an arrest warrant and subsequently arrested the largest individual shareholder of B&S Holdings, Jun-ho Bang. Bang is considered a key person of interest regarding the suspensions of both Haru Invest and cryptocurrency lender, Delio. Preliminary public reports indicate that Bang and B&S were exposed to FTX and misled both Haru and Delio in that regard. The arrest of Bang is a positive development and sign not only of progress in this long-standing matter, but also a clear indication of the serious intent of the South Korean authorities.
• Haru is cooperating with investigative authorities and continues to provide periodic updates to its partners.
• In relation to the ongoing bankruptcy proceedings, Deloitte’s South Korean partner arm, Deloitte Anjin LLC, was appointed as the accounting firm in charge of creating a Pre-initiation Investigation Report that was provided to the South Korean courts on the 4th of January 2024. Notably, this report didn’t cover any cryptocurrency-related data. This is likely because Haru’s crypto assets are held by one of its other international businesses, as previously stated by CEO Hugo Lee.
• As noted in prior updates, Haru’s CEO has announced his intention for a phased distribution of the crypto assets under the company’s custody. However, this strategy depends on South Korean authorities approving a business rehabilitation plan. If sanctioned by the courts, this would empower Haru’s management to disperse the crypto assets they oversee.
• Haru has not revealed specific details regarding the total value or schedule of the distribution plan. Nevertheless, the company has indicated that the assets will be distributed as crypto assets, rather than in fiat currency.
• Information still remains limited and, at this stage, we’re not in a position to furnish Revix investors with a timeline for the asset recovery process.

We understand and share your frustrations about the progress of this case. Our team is actively engaging with other affected parties to expedite the recovery of assets held with Haru.

In our efforts to recover these assets:

• We continue to be in contact with local and international regulators to assist any potential future enforcement actions.
• We’re monitoring our customers’ creditor rights, particularly regarding any possible bankruptcy proceedings.

We remain fully dedicated to recovering the assets held with Haru Invest and are committed to resolving this as quickly as possible.

We’ll share further updates as they become available.

For questions, please reach out to our support team at support@revix.com.

Sincerely,

The Revix Team