Haru Invest Fires Over 100 Employees Amid Internal Troubles: Report

Key Points:

• Haru Invest, a South Korean crypto yield platform, is canceling contracts for over 100 employees.
• According to the reports, their contracts are slated to expire on Friday.
• Earlier, on the 13th, the firm closed its office and suspended the deposit and withdrawal of its crypto management service.

Haru Invest, the operator of the crypto management service Haru, and Block Crafters, the parent firm, terminated workers’ employment contracts arbitrarily.

According to Sedaily, Lee Hyung-soo, CEO of Haru Invest, conducted a video conference and informed staff that their employment contracts would be terminated on June 23. This time, around 100 workers have been advised of their termination. At a video conference, CEO Lee informed employees:

“Due to the recent situation, normal company management is difficult. I made that decision,” he said.

In the video, Congressman Lee is claimed to have explained to the employees:

“It is difficult to manage the company normally due to the recent situation.”

South Korean crypto yield Haru Invest shuttered its office on the 13, suspending the deposit and withdrawal of Haru, a crypto management service. After that, the cause for the suspension of deposits and withdrawals was stated, namely that there was an issue after leaving the deposits received from clients to B&S Holdings, an external management company.

Delio, a crypto-finance company, has also been involved in Haru’s problems. After temporarily freezing client deposits and withdrawals, Haru Invest and Delio investors are considering class-action lawsuits. Both platforms include “deposit” services, which allow consumers to receive interest on their virtual assets if they deposit a certain amount for a given period of time. Haru Invest and Delio have offered maximum annual interest rates of 12% and 10%, respectively.

B&S Holdings is suspected of being a paper firm with no office space at the corporate location. Haru Invest has declared that it is seeking legal action against B&S Holdings on fraud and embezzlement claims.

According to industry sources, Block Crafters and Haru Invest abruptly ceased withdrawals and erased collaboration tools and corporate accounts for in-house work, thereby limiting access to firm data and communication channels between executives and staff.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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Harold

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