South Korean Crypto Executives Apprehended for Allegedly Looting $828M Worth of Crypto
Crypto News

South Korean Crypto Executives Apprehended for Allegedly Looting $828M Worth of Crypto

1ในการอ่าน
9 months ago

Three executives at yield platform Haru Invest were arrested by South Korean authorities.

South Korean Crypto Executives Apprehended for Allegedly Looting $828M Worth of Crypto
Three executives at yield platform Haru Invest were arrested by South Korean authorities. The arrests were made by the Joint Investigation Team of Virtual Asset Crimes of the Seoul Southern District Prosecutors' Office. The executives, including the CEO, were suspected of stealing 1.1 trillion won ($828 million) worth of crypto from around 16,000 users, according to Yonhap News.

Last year in June, Haru Invest paused withdrawals and deposits for its customers, claiming that it had issues with partners. It also laid off around 100 employees. The platform  promised high yields for users, however, Yonhap News reported that the platform is suspected of to be a "rug pull," where founders of crypto projects disappear with customers' funds.

The prosecutors have accused Haru executives of illegally taking money from their customers from March 2020 to June 2023. While doing so, they claimed to be using investment methods that were supposedly safe and varied.

The arrests of these executives are part of South Korea's ongoing efforts to stop illegal activities in the crypto industry. The country has recently made stricter rules for crypto exchanges and is working to keep a closer eye on the industry as a whole.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
0 people liked this article