Haru Invest CEO reportedly attacked during fraud trial in South Korea
Haru Invest CEO reportedly attacked in the route of fraud trial in South Korea Haru Invest CEO reportedly attacked in the route of fraud trial in South Korea
The South Korean crypto platform is below heavy regulatory scrutiny after halting withdrawals closing yr.
Duvet artwork/illustration by strategy of CryptoSlate. Image entails mixed deliver which will even consist of AI-generated deliver.
Haru Invest CEO Hugo Hyungsoo Lee used to be attacked in the route of his ongoing fraud trial at the Seoul Southern District Court docket, local media outlet Digital Asset reported on Aug. 28.
In step with the file, a particular person identified as “Kang” stabbed Lee a lot of times in the neck with a concealed 5 cm knife.
Whereas court guards quickly subdued Kang, Lee used to be reportedly considered bleeding on the floor. He used to be taken to a nearby correctly being facility, and his recent condition remains unclear.
Within the period in-between, authorities bask in confirmed that Kang, arrested at the scene, is one among Haru Invest’s victims and is now below investigation.
Haru Invest points
This incident adds to the rising troubles surrounding Haru Invest.
Final yr, the platform suspended user withdrawals, blaming untrue recordsdata from an unnamed consignment operator. Concerns escalated when the firm shut its Seoul place of work and deleted its YouTube and LinkedIn profiles, sparking rumors of fraud and a attainable rug pull, which the firm vehemently denied.
Despite this, Haru’s failure to reopen withdrawals or present a clear clarification has fueled extra speculation and regulatory scrutiny.
In February 2024, South Korean prosecutors arrested three Haru executives, including the co-CEOs, for allegedly embezzling approximately $826 million from 16,000 users. The executives are accused of misleadingly promoting a “danger-free various funding technique” whereas investing most customer deposits.
Within the period in-between, Haru’s points bask in furthermore affected one other South Korean crypto lending platform, Delio, which authorities are now investigating.
South Korea’s crypto relationship
South Korea ranks among the many dwell countries globally in crypto adoption, pushed primarily by retail investors. Institutional and international investors face restrictions, limiting their participation.
Chainalysis reported that from July 2022 to June 2023, South Korea obtained over $111.82 billion in crypto fee. Right here's the ideal amount in East Asia, surpassing the place aside’s largest economies in Japan and China.
In response, South Korea has taken a proactive ability to crypto regulation. The nation objectives to arrangement high standards to defend industry users whereas positioning itself as a hunch-setter in managing the challenges for the duration of the crypto industry.
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's attainable. He imparts insights on a form of matters esteem DeFi, hacks, mining and culture, underlining transformative energy.
Liam 'Akiba' Wright
Is also called "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized expertise has the aptitude to manufacture standard clear switch.
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