The Block19 minutes ago

Published on February 06, 2024 05:02 GMT+00:00edited on February 06, 2024 05:04 GMT+00:00

South Korean prosecutors announced Monday that they have arrested and detained three executives of crypto yield platform Haru Invest, including its two co-CEOs. 

Seoul prosecutors accused the three of stealing about 1.1 trillion Korean won ($826 million) worth of cryptocurrencies from around 16,000 users, an official from the Seoul Southern District Prosecutor’s Office told The Block. 

Haru also allegedly invested most of its client deposits through one individual while falsely advertising that deposits were managed with “risk-free distributed investment techniques.” Haru Invest offered up to 12% yield for its Earn Plus product users.

Local authorities have been investigating Haru and crypto lender Delio after both firms abruptly suspended withdrawals on June 14, 2023. Delio …