South Korean Authorities Arrest Haru Invest Executives for Alleged $828 Million Crypto Theft

According to CoinDesk, South Korean authorities have arrested three executives, including the CEO, of yield platform Haru Invest for allegedly stealing 1.1 trillion won ($828 million) worth of crypto from around 16,000 customers. The Joint Investigation Team of Virtual Asset Crimes of the Seoul Southern District Prosecutors' Office carried out the arrests. Haru Invest, which once promised double-digit yields for crypto deposits on the platform, has faced difficulties for some time. In June last year, the company paused withdrawals and deposits, citing issues with service partners, and subsequently fired around 100 employees. Yonhap News reports that the platform is suspected of running a scam known as a "rug pull," where founders of crypto projects disappear with customers' funds. The prosecutors have accused the Haru executives of misappropriating customer funds between March 2020 and June 2023 while advertising they were using "risk-free, diversified investment techniques."