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Haru Invest Execs Arrested in South Korea For The Alleged Theft Of Nearly $1 Billion In Cryptocurrency 

As reported by CoinDesk, in a recent development, authorities in South Korea have taken strict action against yield platform Haru Invest, arresting three of its top executives for allegedly stealing a massive 1.1 trillion won, which is equivalent to $828 million USD, worth of cryptocurrency from around 16,000 customers. According to Yonhap News, the Joint Investigation Team of Virtual Asset Crimes of the Seoul Southern District Prosecutors' Office made the arrests on Tuesday, and the company’s CEO is reportedly among the three arrested individuals.

It's noteworthy that Haru Invest, which previously promised double-digit yields for crypto deposits on its platform, had been facing a lot of issues for a while now.

The platform paused withdrawals and deposits in June 2020, citing problems with its service partners, and fired around 100 employees shortly afterward. According to Yonhap, the platform is suspected of running a scam known as a “rug pull”, where the founders of a cryptocurrency project disappear with customers’ funds, leaving them with nothing.

The prosecutors have accused the Haru executives of misappropriating customer funds between March 2020 and June 2023, while advertising that they were using “risk-free, diversified investment techniques.”

This news has sent shockwaves through the cryptocurrency community, and it's yet another reminder of how important it is for investors to do their due diligence before investing their hard-earned money in any cryptocurrency project or platform.

It's also a wake-up call for governments and regulatory bodies around the world to strengthen their efforts to combat cryptocurrency-related scams and frauds. With the meteoric rise of cryptocurrencies in recent years, it's becoming increasingly important to have robust regulations in place to protect investors and prevent criminal activities in the cryptocurrency industry.

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