Haru Invest, a South Korean company known for offering high-yield cryptocurrency savings products, has suspended withdrawals and deposits due to issues with service partners. The firm made this announcement in a blog post, stating that it is currently investigating the issue and working on a contingency plan to resolve the situation. As a precaution to protect users’ assets, all deposit and withdrawal requests have been temporarily suspended until further notice.
Cryptocurrency platform announced a temporary stop
While Haru Invest did not disclose the specific partner causing the operational impact, the company’s LinkedIn page was deleted although its Twitter profile remained active. Upbit, a South Korean exchange, has reportedly placed limitations on its ability to withdraw assets from Haru Invest’s platform. According to local media reports, Haru Invest’s office in Seoul is currently empty and employees are working remotely for their own safety. CEO Hyung-soo ‘Hugo’ Lee released a statement confirming the work-from-home arrangement.
Eunkwang Joo, co-founder and former CTO of Haru Invest, shared a series of tweets speculating about the situation. Joo mentioned the possibility of an internal problem, but dismissed the idea of a deliberate malicious act. He suggested that the shutdown of social media accounts could be a legal response to an undisclosed situation, possibly related to regulatory actions in South Korea. It should be noted that Haru Invest previously invested $18 million in Montreal-based mining company Pow.re.
Despite attempts to get comment, Haru Invest’s PR agency and communications manager did not respond. Haru Invest’s temporary suspension of withdrawals and deposits has raised concerns among its customers. Investors are eagerly awaiting updates from the company regarding the resolution of the problem with its service partners and the resumption of normal operations. As the situation unfolds, the cryptocurrency community will closely monitor developments surrounding Haru Invest, hoping for a swift resolution and protection of users’ assets.
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