'1 Trillion Won Cryptocurrency Scam' Haru Invest Executives Released on Bail
False Advertising in Capital-Free State... Over 16,000 Victims Reported
The executives of the virtual asset deposit service company Haru Invest, who deceived customers into handing over coins worth about 1.4 trillion won and then suspended withdrawals, have been released on bail.
According to the legal community on the 30th, the Seoul Southern District Court Criminal Division 15 (Chief Judge Yang Hwan-seung) granted the bail requests on the 25th for Park (44), Song (40), co-CEOs of the operating company of Haru Invest, and Lee (40), the business representative, who were indicted while in custody on charges including violation of the Act on the Aggravated Punishment of Specific Economic Crimes (fraud).
The Joint Investigation Team on Virtual Asset Crimes (Chief Prosecutor Lee Jeong-ryeol) indicted Park and the other two on charges including violation of the Specific Economic Crimes Act (fraud) in February, while the company’s Chief Operating Officer Kang (38) was indicted without detention. From March 2020 to June last year, they deceived customers by promising that deposits in Haru Invest would be risk-free with principal guaranteed and industry-leading returns, thereby embezzling coins worth approximately 1.4 trillion won. Kang is also charged with embezzlement for arbitrarily using 368.43 million won of company funds from July 2021 to June last year.
The prosecution found that Haru Invest attracted coins from 16,347 people by promoting "risk-free arbitrage" and "diversified investment," claiming stable operation regardless of coin price fluctuations. Among the victims, 5,034 were Korean and 11,313 were foreigners. Contrary to the promotional claims that "depositing coins would yield up to 15% annual returns like a bank and guarantee the principal," the actual operation was a reckless 'all-in' investment aiming for high returns.
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Haru Invest had been in a state of complete capital erosion since 2019, with very poor financial conditions, and only one or two professionals were actually responsible for coin management. It was also found that they lacked even a basic accounting system to calculate profit and loss based on operational results.
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