South Korean Prosecutors Issue Arrest Warrant in Crypto Investigation
South Korean prosecutors have issued an arrest warrant for a key person of interest, Bang, in the investigation into withdrawal suspensions at local cryptocurrency lender Delio and investment firm Haru Invest. Bang, who reportedly owns a majority of shares at B&S Holdings, has been alleged as the root cause of the service suspensions. The full name of Bang has not been disclosed due to local media-privacy rules.
Withdrawal Suspensions and Allegations
In June 2023, Delio halted user withdrawals, attributing the suspension to the deposit and withdrawal cessation at Haru Invest. On the same day, Haru filed a criminal complaint against B&S Holdings, alleging that it provided false management reports and lost $262 million worth of funds in the collapsed FTX exchange.
Arrest Warrant and Complaints
The South Korean police have applied for an arrest warrant on Bang for fraud and breach of trust charges. Customers of Delio and Haru have also filed complaints against their executives. As a result, key members of Delio, Haru, and B&S have been blocked from leaving the country.
Hot Take: South Korean Crypto Investigation Takes a Step Forward
A recent development in South Korea’s crypto investigation sees prosecutors issuing an arrest warrant for a person linked to withdrawal suspensions at Delio and Haru Invest. This move reflects the authorities’ determination to hold accountable those responsible for the service disruptions. As customers voice their complaints, the investigation intensifies with measures taken to prevent key members from leaving the country. The outcome of this case will be crucial in restoring confidence in the local cryptocurrency industry and providing justice to affected users.
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