South Korea arrests three senior executives of Haru Invest, accusing them of embezzling US$826 million

South Korean prosecutors announced on Monday that they have arrested and detained three executives of the cryptocurrency yield platform Haru Invest, including its two co-CEOs. An official from the Seoul Southern District Prosecutor's Office said that the Seoul prosecutors charged the three with stealing cryptocurrency worth about 1.1 trillion won (approximately $826 million) from around 16,000 users. Haru is also said to have invested most of its customers' deposits through an individual, while falsely promoting the deposits as managed through "risk-free distributed investment technology." Haru Invest offers up to 12% yield for its Earn Plus product users. Local authorities have been investigating both Haru and cryptocurrency lending institution Delio since they suddenly suspended withdrawals on June 14, 2023. Delio attributed the suspension to Haru Invest's sudden stoppage of deposits and withdrawals earlier that day, and had previously worked with Haru Invest.

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