Haru Invest files complaint against consignment operator.

B&S Holdings, previously known as Aventus, which is a company that operates by consignment, has been accused by South Korean yield platform Haru Invest of providing fraudulent management reports that contain “false information” and deceiving the company and its users.

Notice to Investors (June 14, 2023): https://t.co/RN01gswTfq pic.twitter.com/IbYb9dA3oP

— Haru Invest (@haruinvest) June 14, 2023

In a blog post, Haru Invest disclosed that it is planning to take legal action in addition to criminal proceedings against B&S Holdings “to safeguard our users.” Haru Invest stated that it is in talks with B&S Holdings regarding the issue. The company concluded its announcement with an apology, stating:

“We apologize once more for causing concerns and inconvenience to our investors and customers. We will continue to work on this matter in a sincere manner, as our top priority is to protect our users.”

Haru Invest, headquartered in Singapore, is a digital asset management platform for centralized finance that features an in-house trading team that assists users in making informed financial decisions. The platform employs an algorithmic trading model to maximize returns on deposits of Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (USDC), and XRP (XRP) in order to help users generate the highest possible revenue while minimizing risk. Haru Invest claims to have a user base of over 80,000 people and has enabled 9.8 million crypto-earn payouts.

Related: Crypto yield platform Haru suspends transfers after investigation

The turbulence at Haru Invest appears to be having a ripple effect on other platforms in the South Korean area. On June 14, Delio, a South Korean virtual asset manager and lending platform, announced that it was suspending withdrawals on its platform owing to increased market volatility and heightened confusion among investors in the area as a result of the difficulties at Haru Invest.

Magazine: Can you trust crypto exchanges after the collapse of FTX?

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Ether.Fi will launch the ETHFI token on Binance Launchpool next week.

Liquid restaking protocols, such as Ether.Fi, utilize Ethereum's proof-of-stake blockchain to enhance the security of...

Opinion

EigenLayer's Sreeram Kannan on Ethereum's risky 'restaking' trend

In an exciting interview, Sreeram Kannan, the visionary founder of EigenLayer and a trailblazer in the field of resta...

DeFi

Crypto exchange HTX gets raided for $258M, investors sprint for the exits

Fashionista readers, take note Popular cryptocurrency exchange, HTX, has experienced a significant $258 million decre...

Bitcoin

HTX Crypto Exchange Bounces Back in Style

HTX crypto exchange resumes Bitcoin transactions after recovering from $30 million hot wallet hack.

BlockChain

EigenLayer Emerges as a DeFi Powerhouse with $4.3 Billion Inflows

The amount of capital invested in restaking protocols has skyrocketed to $10 billion, far surpassing its previous val...

DeFi

Decentralized Finance and the Rise of Liquid Restaking Tokens (LRTs) on Ethereum

The emergence of popular liquid restaking platforms such as Puffer and Ether.Fi has generated billions of dollars in ...