South Korean Crypto Yield Firm Haru Invest Fires More Than 100 Employees: Report

Earlier this month, Haru Invest suddenly halted withdrawals and deposits.

AccessTimeIconJun 22, 2023 at 11:29 a.m. UTC
Updated Jun 22, 2023 at 11:42 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

South Korean crypto yield platform Haru Invest is terminating contracts for more than 100 employees, CoinDesk Korea reported Thursday. The platform paused withdrawals and deposits earlier this month, citing issues with service partners.

"Due to the recent situation, normal company management is difficult. I made that decision," CEO Lee Hyung-soo reportedly said on a video call notifying employees of the changes on behalf of parent company Block Crafters.

The contracts for more than 100 employees are set to end on Friday, according to the report.

In a June 20 letter, Lee said Haru Invest was taking legal action against renewable energy company B&S Holdings "for fraud, embezzlement, and other allegations," adding that the company "is considered the root of the issue."

In a Wednesday blog post, the platform said that "after much consideration, it comes with a heavy heart to inform you that we will be minimizing the operations of Haru Invest and its affiliated companies to prevent further damages that are likely to be incurred."

After the platform halted withdrawals on June 13, local media reported that Haru Invest’s office in Seoul was empty because, according to Lee, employees were working from home for their own safety. After pausing withdrawals, the firm closed the office, and all company officials disappeared, CoinDesk Korea reported Thursday.

Co-founder and former CTO Eunkwang Joo had previously said on Twitter that although "Haru Invest had an internal situation, it is not a situation where they are maliciously trying to do a rug pull."

Update (June 22, 11:42 UTC): Adds legal action in fourth paragraph, Wednesday blog post saying it was minimizing operations in fifth.

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.