The virtual asset custody platform Haru Invest has been officially declared bankrupt by a South Korean court

ChainCatcher news, the virtual asset custody platform Haru Invest was officially declared bankrupt by the Seoul restructuring court in South Korea on November 20.

The operating company of Haru Invest, Haru Management Limited, was previously filed for bankruptcy due to its inability to pay debts. The court stated that although the company is registered in the British Virgin Islands, it has an office and operates in South Korea, giving the Korean court jurisdiction over the case.

The court plans to hold the first creditors' meeting on February 11, 2025, to liquidate and distribute the company's assets through the bankruptcy administrator. It is reported that Haru Invest attracted investors by making false promises to guarantee principal and high returns since 2020, and suddenly stopped withdrawals in June last year, causing over 16,000 investors to suffer losses.

It is reported that from March 2020 to June last year, Haru Invest deceived investors by falsely promising to guarantee principal and pay high returns, suddenly stopping withdrawals and absconding with approximately 14 trillion won worth of cryptocurrency.