B&S Holdings, formerly known as Aventus, a consignment operator, has been alleged by South Korean yield platform Haru Invest of submitting fraudulent management reports containing “false information” and deceiving the company and its users.
— Haru Invest (@haruinvest) June 14, 2023
In a blog post, Haru Invest shared that it was planning to pursue legal action on top of criminal proceedings against B&S Holdings “to protect our users.” Haru Invest said it is engaged in discussions with B&S Holdings regarding the matter. The company concluded its announcement with an apology, stating:
“Once again, we apologize for causing concerns and inconveniences to our investors and customers. We will continue to work on the issue in a faithful manner, as the company’s top priority is to protect our users.”
Headquartered in Singapore, Haru Invest is a centralized finance digital asset management platform that boasts of an in-house trading team that helps users make smarter financial decisions. The platform utilizes an algorithmic trading model to optimize returns on deposits of Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (USDC) and XRP (XRP) to enable users to generate maximum revenue while minimizing risk. Haru Invest claims to have a user base of over 80,000 individuals and has facilitated 9.8 million crypto-earn payouts.
The turbulence at Haru Invest appears to be developing a cascading effect on other platforms within the South Korean region. On June 14, South Korean virtual asset manager and lending platform Delio announced that it was pausing withdrawals on its platform due to heightened market volatility and increased confusion among investors within the region resulting from the challenges at Haru Invest.