South Korean crypto yield platform Haru Invest, implicated in a $1 billion fraud, has officially been declared bankrupt by the Seoul Rehabilitation Court, as per a local news report.
Haru Invest, operated by Haru Management Limited, lured over 16,000 investors by guaranteeing principal safety and offering lucrative returns on crypto deposits. However, the scheme unraveled in June 2023 when the platform abruptly halted withdrawals, triggering widespread panic.
Investigations later revealed the company had defrauded investors of 1.4 trillion won (approximately $1 billion USD).
The company, incorporated in the British Virgin Islands but primarily operating from South Korea, was declared insolvent due to its inability to repay…