The firm filed for bankruptcy in July after allegedly uncovering fraud with a consignment operator.
on October 2, Hugo Lee, Haru Invest's CEO, said the firm has a plan for"phased asset recovery and distribution" in several rounds through the disposition of recovered assets. Lee wrote:
"To note, however, as legal procedures including rehabilitation and cooperation with investigative agencies are still underway, we are essentially unable to distribute the assets on our own. Hence, predicting and telling you the asset distribution schedule is impossible at this time." During the session, Lee also assured that investors would receive their money back via an equitable distribution regime, instead of prioritizing creditors in South Korea. Anafter discovering allegedly fraudulent activities surrounding a consignment operator, B&S Holdings. The firm subsequently filed for bankruptcy.
At the time of filing, Haru Invest claimed over 80,000 members, 9.8 million crypto-earn payouts, and $2.27 billion in total transactions. Haru previously targeted an annual yield of 12% on most of its earn products. Last September, it raised $4 million on a $284 million valuation. In a September 25 update, Haru Invest said that the company is currently being maintained"with a minimum number of operating personnel." As a result, its website login is no longer functional.
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