Executives of South Korean cryptocurrency platform Haru Invest, which suddenly suspended withdrawals in June 2023, were arrested.
The South Korean prosecutor's office announced in a statement that the executives of the cryptocurrency company Haru Invest were arrested.
Seoul Southern District Prosecutor's Office said in a statement that three company executives were arrested for allegedly embezzling 1.1 trillion Korean won, worth $826 million.
Accordingly, it is claimed that company managers concealed possible risks and made misleading advertisements to depositors by advertising 12 percent return on Haru Invest.
In its statement, the prosecutor's office said, “As a result of the investigation, we will fully determine the true nature of the allegations, and at the same time, we will do our best to compensate for the damages and return the criminal proceeds.”
In total, prosecutors said Haru Invest executives collected $826 million from approximately 16,000 users.
*This is not investment advice.