Haru Invest Suspected Hiding Customers About Transferring Money To FTX

Key Points:

• According to the CryptoQuant executive, Korea’s Haru Invest is under suspicion of lying to its customers about transactions with the collapsed FTX.
• It is tracked that Haru Invest’s two fund transactions to FTX are the most significant transfers to its Bitcoin address.
• On May 13, the fund closed after announcing the suspension of user deposit and withdrawal requests due to problems with partners.

South Korea’s Haru Invest is suspected of making large deals with the bankrupt exchange FTX before it collapsed and hiding it from its customers.

CryptoQuant Founder and CEO Ki Young Ju said that OXT Research reported that Haru Invest used FTX. If this is true, they kept their customers accountable for a year after the FTX crash.

“Haru Invest used FTX, as reported by OXT Research. If this is true, they remained silent about it to customers throughout the year after FTX’s collapse. Sigh.”

According to the data, Haru’s BTC Balance has never been exceptionally high, and the highest trading volume was in the summer of 2022. It is tracked that Haru’s two fund transactions to FTX are the most significant transfers to its Bitcoin address.

“Haru Invest BTC Cluster – Balance was never particularly high – Tx volumes highest in summer of 2022 (includes recycling***) – These 2 *sweeps* to FTX are the largest outgoing transfers from the cluster”

Ahead of the news on June 13, Haru Invest has announced that it has been suspending deposit and withdrawal requests from 8:40 on June 13 due to issues with its service partners until further new notification. After that, their office was noted to have closed in a hurry.

After this incident, the fund’s CEO spoke up, saying that the company only had problems with its partners and could not disclose the partner’s name for fear of not being able to control the information. The closure of the office is also to protect their employees after the platform is closed.

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