Haru halts withdrawals and deposits Haru halts withdrawals and deposits
The service denied it carried out a "rug pull" but has not fully explained the situation.
1 min read
Updated: Jun. 13, 2023 at 10:37 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Haru Invest, a South Korean interest-bearing crypto platform, said on June 13 that it has halted deposits and user withdrawals.
User access to funds suspended
Haru said that it was necessary to halt transactions in order to protect investors following a business error. It did not state when it might reopen deposits and withdrawals.
The company explained that it decided to halt services after finding that information provided by a partner — specifically a consignment operator — was false. It said that it is now investigating the operator and said that it plans to take “necessary measures.”
Haru attempted to reassure users that rumors, such as suggestions that company members have performed a rug pull scam, are inaccurate.
Community members noted that the company has deleted its YouTube and LinkedIn profiles, something that Haru did not admit to in its announcement.
Other companies halted services in 2022
Several other crypto platforms that offered lending or interest-bearing features halted user withdrawals beginning in the summer of 2022. Celsius, Voyager Digital, Babel Finance, CoinFlex, and BlockFi were among the companies to halt withdrawals around that time. Many of those companies later filed for bankruptcy.
Haru has not provided an explanation for the service halt. The company reports less than $1 billion in assets under management.
Posted In: South Korea, Investments
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Zaeem Shoaib Zuberi
Zaeem, an editor fascinated by business, finance, DeFi, and cryptocurrencies, holds a business and finance degree. His 14-year career in financial journalism spans sectors like banking, finance, insurance, and tech.
