Haru Invest CEO reportedly attacked during fraud trial in South Korea

Haru Make investments CEO Hugo Hyungsoo Lee was attacked throughout his ongoing fraud trial on the Seoul Southern District Courtroom, native media outlet Digital Asset reported on Aug. 28.

Based on the report, a person recognized as “Kang” stabbed Lee a number of instances within the neck with a hid 5 cm knife.

Whereas courtroom guards shortly subdued Kang, Lee was reportedly seen bleeding on the ground. He was taken to a close-by hospital, and his present situation stays unclear.

In the meantime, authorities have confirmed that Kang, arrested on the scene, is considered one of Haru Make investments’s victims and is now below investigation.

Haru Make investments points

This incident provides to the rising troubles surrounding Haru Make investments.

Final 12 months, the platform suspended person withdrawals, blaming false data from an unnamed consignment operator. Issues escalated when the corporate shut its Seoul workplace and deleted its YouTube and LinkedIn profiles, sparking rumors of fraud and a possible rug pull, which the corporate vehemently denied.

Regardless of this, Haru’s failure to reopen withdrawals or present a transparent rationalization has fueled additional hypothesis and regulatory scrutiny.

In February 2024, South Korean prosecutors arrested three Haru executives, together with the co-CEOs, for allegedly embezzling roughly $826 million from 16,000 customers. The executives are accused of misleadingly selling a “risk-free diversified funding technique” whereas investing most buyer deposits.

In the meantime, Haru’s points have additionally affected one other South Korean crypto lending platform, Delio, which authorities at the moment are investigating.

South Korea’s crypto relationship

South Korea ranks among the many prime nations globally in crypto adoption, pushed primarily by retail buyers. Institutional and international buyers face restrictions, limiting their participation.

Chainalysis reported that from July 2022 to June 2023, South Korea acquired over $111.82 billion in crypto worth. That is the best quantity in East Asia, surpassing the area’s largest economies in Japan and China.

In response, South Korea has taken a proactive method to crypto regulation. The nation goals to set excessive requirements to guard business customers whereas positioning itself as a frontrunner in managing the challenges throughout the crypto business.