In a significant move reflecting the ever-evolving landscape of the cryptocurrency industry, Haru Invest, a South Korean cryptocurrency management platform, and Avalanche blockchain browser Snowtrace have announced their closure, each citing different reasons and consequences. Here are the details…
Haru Invest reduces costs
Haru Invest, which recently filed for bankruptcy, announced its intention to temporarily shut down its servers on November 4, 2023. In this way, the company aims to significantly reduce operating costs and save more than $5,500 per month. This strategic decision stems from the need to preserve essential resources while trying to restart servers in a timely manner for future distribution of member assets. However, the company faces uncertainty in predicting the exact relaunch date.
While the closure is designed to streamline the platform’s financial affairs, it also encompasses a meticulous approach to protecting important member data. Making a proactive effort to prevent member confusion that may arise when the server is reactivated in the future, Haru Invest carefully backs up critical member information, including email accounts and asset sizes, in various secure forms. This move points to the situation of companies in a highly volatile market.
Snowtrace is disabled
Separately, official news from the Avalanche blockchain ecosystem has revealed that blockchain browser Snowtrace will be disabled on November 30. This decision stems from a different set of considerations. Snowtrace users are advised to take immediate action by downloading custom name tags and providing contract verification before the deactivation date arrives. This step is crucial for users to maintain access to their crypto assets and avoid potential inconveniences that may occur due to temporary browser disablement.
Snowtrace’s move underscores the dynamic nature of the blockchain industry, where platforms change periodically to maintain functionality, security and efficiency. This is a reminder of the importance of proactive user participation and responsibility in the decentralized Blockchain ecosystem. As a result, both Haru Invest and Snowtrace are tackling unique challenges in the cryptocurrency space. While Haru Invest’s temporary server shutdown aims to save resources while protecting member assets, Snowtrace’s planned shutdown requires users to take action to secure their crypto assets. These developments are critical. As these events unfold, the cryptocurrency community is closely watching how Haru Invest and Snowtrace will navigate these transitions and ensure the safety and satisfaction of their users.
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