Haru Invest
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anchored·iH9GAc…T89USummary
Haru Invest was a South Korean crypto yield platform operated by BlockCrafters that abruptly suspended all deposits and withdrawals on June 13, 2023, freezing an estimated $1 billion in user funds across approximately 80,000 investors in 140 countries. The platform initially attributed the crisis to alleged fraud by a consignment partner, B&S Holdings, but South Korean prosecutors subsequently charged three company executives — including CEO Hugo Hyungsoo Lee — with embezzling approximately 1.1 trillion won ($828 million) from users. CEO Lee was acquitted of fraud charges by the Seoul Southern District Court in mid-2025, while the platform was declared bankrupt in November 2024 and user recovery proceedings remain ongoing.
Connected Entities
4 entities · 60 linked investigations- Ethereum→mentioned with→Bitcoin(60%)
- Upbit→mentioned with→Ethereum(70%)
- Haru Invest→mentioned with→Ethereum(60%)
- Haru Invest→mentioned with→Upbit(60%)
- Haru Invest→mentioned with→Bitcoin(65%)
Timeline(11 events)
March 2020
Alleged fraud scheme begins, per South Korean prosecutors, as Haru Invest allegedly begins misappropriating client deposits via its consignment operator arrangement.
crypto.news2022
BlockCrafters Co. Ltd. transfers shareholdings to BCHaru Pte. Ltd. in a reported 'corporate flip', restructuring the group's holding entity.
Tokyo FinTech / Medium13 June 2023
Haru Invest suspends all deposits and withdrawals, citing 'an issue with one of the service partners.' Approximately 80,000 users across 140 countries have funds frozen.
CoinTelegraph14 June 2023
Haru Invest publishes a notice to investors naming B&S Holdings (formerly Aventus) as the fraudulent consignment operator and announces plans for criminal and civil action. Delio separately halts withdrawals citing exposure to Haru Invest.
haruinvest.com / BloombergJune 2023
Class-action lawsuits filed against Haru Invest and Delio in South Korean courts by affected investors.
Korea Times2024
South Korean prosecutors issue arrest warrant for 'Bang,' alleged majority shareholder of B&S Holdings.
The Block6 February 2024
Seoul's Joint Investigation Team of Virtual Asset Crimes arrests Haru Invest CEO Hugo Hyungsoo Lee and two other executives on fraud charges related to alleged embezzlement of approximately 1.1 trillion won ($828 million).
crypto.news28 August 2024
CEO Hugo Lee is stabbed in the neck during his fraud trial at Seoul Southern District Court by an assailant alleged to be an investor victim. Lee sustains non-life-threatening injuries; the attacker is apprehended.
CoinDesk / Reuters20 November 2024
Seoul Rehabilitation Court declares Haru Invest (Haru Management) officially bankrupt. A creditors' meeting is scheduled for February 11, 2025.
crypto.news11 February 2025
First creditors' meeting held with bankruptcy administrator to assess Haru Management's financial records and begin asset liquidation proceedings.
crypto.news / CryptoNewsJune 2025
Seoul Southern District Court acquits CEO Hugo Lee and BlockCrafters executives Park and Song of fraud charges, finding no evidence of deliberate deception or fabricated assets. COO Kang is convicted of embezzlement and sentenced to two years in prison. The court notes civil liability may remain.
Cryptopolitan / CoinCentralDecision Log
- slot 423161079 · hash GNvg1WJfob2N3JAmg7SRx5KAf6i6kuuwFwZyzfXk41BF
This investigation is cryptographically anchored to the Solana blockchain (1 decision). 18 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-5
generated: 5/30/2026, 12:59:08 PM
last updated: 5/30/2026, 12:59:08 PM
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