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South Korean prosecutors have barred Haru Funding executives from touring in another country following legal complaints of “serial suspending withdrawals” fraud, in line with a Digital Asset June 25 report.
The ban impacts unnamed executives from Haru Make investments, Delio Chung Sang-ho’s CEO, and a B&S shareholder recognized as Bang.
Why journey restrictions
The journey ban is coming after Haru Make investments suspended withdrawals for customers on June 13, citing false data from an unnamed consignment operator.
Buyers had been spooked after the agency closed its workplace in Seoul, with neighborhood members noting that the corporate deleted its YouTube and LinkedIn profiles. These actions led to speculations of fraud and suspicions of a rug pull—a declare viciously denied by the agency.
In the meantime, its unnamed consignment operator has been revealed to be the renewable power firm B&S Holdings. Its shareholder Bang was positioned on journey restrictions after prosecutors linked him to Haru’s transaction exercise suspension.
Whereas Delio CEO Chung Sang-ho initially denied publicity to Haru, he later confirmed that they deposited crypto belongings within the troubled agency. On June 14, the crypto lending platform briefly halted withdrawals to guard clients’ belongings.
South Korean investigators are reportedly investigating Delio for embezzlement and breach of obligation.
Not a Rugpull
A former government of Haru Make investments and its co-founder, Eunkwang Joo, has defended the corporate in opposition to insinuations of the rug pull.
In a June 13 Twitter thread, Joo stated the problems at Haru had been solely an inside drawback, including that “it isn’t a scenario the place they’re maliciously making an attempt to do a rug pull.”
Nonetheless, he conceded that the agency’s closure of its social media accounts with out additional official communications would go away many traders involved.
Joo left the corporate greater than a yr in the past.
Since suspending its withdrawal and deposit actions, the agency has laid off over 100 staff.
CryptoSlate has reached out for remark from Haru Make investments executives recognized to the corporate.
The submit Haru Make investments execs grounded in South Korea amid fraud suspicions appeared first on CryptoSlate.
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