South Korea takes action against Haru Invest executives for embezzling $826 million
South Korean authorities have arrested and detained three executives, including co-CEOs, of cryptocurrency yield platform Haru Invest over allegations of embezzling approximately $826 million worth of cryptocurrencies from around 16,000 users. Prosecutors accused the executives of falsely advertising the management of deposits with “risk-free distributed investment techniques” while investing most of the funds through one individual. Haru Invest offered up to a 12% yield for its Earn Plus product users. Local authorities had been investigating Haru Invest and crypto lender Delio after both firms suspended withdrawals abruptly. Haru Invest had filed a criminal complaint against consignment operator B&S Holdings on the same day, alleging deception and the loss of over $260 million. South Korean prosecutors are committed to uncovering the truth, seeking to recover damages and return any criminal proceeds.