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South Korean prosecutors made a big move in the crypto world, arresting three top bosses from Haru Invest, among those nabbed were both co-CEOs. Haru Invest is a platform for making money with crypto. The charges are serious, they say these execs swiped a staggering 1.1 trillion Korean won (approximately $826 million) in cryptocurrencies from around 16,000 users. The charges on Haru Invest 
The allegations don’t stop there, it’s claimed that the company funneled most of its client deposits through a single individual while misleadingly promoting its services as employing “risk-free distributed investment techniques.” This is particularly alarming given that Haru offered up to 12% yield for its Earn Plus product users.
This crackdown on Haru Invest comes after a period of investigation by local authorities. The scrutiny intensified when both Haru Invest and another crypto firm, <a href="https://news.todayq.com/south-korean-bitcoin-lender-delio-denies-regulators-fraud-allegations/" target="_blank" rel="noopener noreferrer nofollow">Delio</a>, suddenly halted withdrawals on June 14, 2023. Delio, which boasts processing of over a billion dollars worth of crypto in its lending and borrowing services, attributed its suspension to the sudden stoppage of deposits and withdrawals at Haru Invest, with which it had previously collaborated. The B&amp;S Holdings deceit 
On the same day as the withdrawals were suspended, Haru filed a criminal complaint against B&amp;S Holdings, alleging deceit on the part of the consignment operator. Haru claimed that false management reports led to substantial losses, approximately $260 million, in the collapse of the FTX exchange.
In a recent development, South Korean prosecutors have issued an arrest warrant for an individual known as Bang, who holds a majority of shares at B&amp;S Holdings. The warrant was issued as part of the ongoing investigation into the withdrawal suspensions at both Delio and Haru Invest. However, due to privacy rules in <a href="https://news.todayq.com/south-korea-maintains-crypto-etf-ban-despite-us-approval/" target="_blank" rel="noopener noreferrer nofollow">South Korea</a>, Bang’s full name has not been disclosed.
The prosecutor’s office has pledged to pursue the investigation diligently. Aiming to reveal the truth behind the alleged crimes. Their statement, “[We] will thoroughly identify the true nature [of the alleged crime] through the investigation while doing the best to recover damages and return criminal proceeds.” When such a huge amount of money goes missing like this, it makes people worry about how safe their digital money is.
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Haru Invest executives nabbed in $826M Crypto Fraud

Todayq News

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