South Korea arrests Haru Invest executives, accusing them of embezzling $826 million

ChainCatcher news, according to The Block, South Korean prosecutors announced on Monday that they have arrested and detained three executives of the cryptocurrency yield platform Haru Invest, including two co-CEOs of the company. An official from the Seoul Southern District Prosecutor's Office revealed that the Seoul prosecutors accused the three of stealing approximately 1.1 trillion won (about 826 million USD) in cryptocurrency from around 16,000 users.

Haru is also suspected of investing most of the customer deposits through a single individual while falsely advertising that the deposits were managed through "risk-free distributed investment technology." Haru Invest offers users of its Earn Plus product yields of up to 12%.