• CEO Hyung-soo Lee broke the news to them via video conference.
• Haru Invest’s unexpected difficulties began in the middle of June this year.

South Korean cryptocurrency investment platform Haru Invest reportedly fired off more than 100 employees. On June 23 the layoffs will be formalized.

Several days after suspending deposits and withdrawals owing to a problem with one of its service suppliers. The firm made this decision. Recent reports state that Haru Invest has laid off more than 100 employees and CEO Hyung-soo Lee broke the news to them via video conference.

The CEO reportedly stated:

“Due to the recent situation, normal company management is difficult. I made that decision.”

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Domino Effect

Haru Invest’s unexpected difficulties began in the middle of June when the company encountered a “certain issue with one of the service partners.” To safeguard its customers as much as possible, the company temporarily suspended withdrawals and deposits.

In light of the ongoing legal proceedings against B&S Holdings, the business said today that it would “be minimizing” its activities and those of its related entities. The management team has promised to keep workers updated on any developments and provide any assistance they may need in the future.

The firm stated:

“We are currently finding the optimal platform to communicate with you regarding our operations. We will notify you once it is decided. And we will get back to those who have reached out to us.”

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Because of the problems at Haru Invest, another major South Korean cryptocurrency lending platform, Delio, has temporarily suspended withdrawals. The second group insisted that precautions be made because of their exposure to the first. Delio subsequently said it would gradually restore service but gave no time frame.​