Bank run chain reaction? Following the cryptocurrency service company Haru Invest in South Korea, Delio also suspends deposits and withdrawals.

On the evening of June 14th, it seems that the Korean cryptocurrency asset management platform Haru Invest, which announced the suspension of withdrawals on June 13th, has affected similar Korean cryptocurrency companies. Delio also announced the suspension of withdrawals with immediate effect. At the same time, Haru Invest also filed multiple lawsuits against its operating partner, B&S Holdings, on the same day.

South Korean Cryptocurrency Company Haru Invest First Suspends Deposit and Withdrawal Services

In the early hours of the day before yesterday, South Korean cryptocurrency service company Haru Invest, with over 80,000 members and managing approximately $1 billion in assets, headquartered in Singapore, announced in a press release that it had to suspend its deposit and withdrawal services for investigation due to concerns arising from misinformation provided by its partners. The company has currently closed all social media accounts except Twitter and its physical offices in the country have also been shut down.

Haru Invest clarified that this is not a "Rug pull" and is working to protect investor assets, while expressing regret for the unfounded speculations and information from various media outlets.

Haru Invest Accuses Its Operating Partner B&S Holdings, But Information Remains Mystery

Yesterday, Haru Invest accused its operating partner B&S Holdings, formerly known as Aventus, of submitting fraudulent forged reports to influence the company's judgment and decided to take immediate legal actions, including criminal and civil lawsuits.

According to a report by Foresight News reported, the partner B&S Holdings sued by Haru Invest is a Korean company that had used FTX and currently has very little information available about its website. It is understood that the website of B&S Holdings is suspected to be http://bangnsong.com/, but the website has also been deleted.

Delio Follows With Withdrawal Suspension, Users Suspect Misappropriation of User Assets

Also yesterday, South Korea-based cryptocurrency company Delio, which provides similar services, announced the suspension of customer withdrawals, stating that it is to address the market volatility risks exacerbated by the recent turmoil surrounding Haru Invest.

However, a user on Twitter pointed out that Delio may have the risk of misappropriating user assets for other purposes, including a vague and potentially misleading definition of "total value" and various illiquid lending products. There are concerns from the public that Delio may have deposited user funds into Haru Invest to earn profits and provide returns to Delio users.

According to a report by Korean media Block Media reported, a representative from Delio openly admitted: "We have financial transactions with Haru Invest, but we cannot disclose the specific amounts."

The Financial Services Commission of South Korea stated: