Impact of Haru Invest’s Abrupt Suspension of Deposits and Withdrawals
Revix, the South African crypto investment platform, has announced that it is reserving 24% of customers’ crypto assets following the unexpected suspension of deposits and withdrawals by Haru Invest, one of its primary service providers. This means that customers can only withdraw 76% of their crypto assets stored on the Revix platform. Haru Invest has cited irregularities in management reports submitted by B&S Holdings as the reason for the suspension.
Main Breakdowns:
– Revix is reserving 24% of customers’ crypto assets after Haru Invest’s suspension of deposits and withdrawals.
– Haru Invest suspended services due to irregularities in management reports by B&S Holdings.
– Delio, another digital exchange platform, has also been affected by the suspension of services.
– Travel bans have been imposed on some executives of B&S Holdings, Delio, and Haru Invest by Korean authorities.
– Revix assures customers that 100% of their fiat cash balances are still accessible.
Revix has taken steps to protect customer assets by securely moving them into internal custody. While the situation is uncertain, Revix is hopeful that the crypto assets held by Haru Invest will eventually be recovered. Customers can still access 100% of their fiat cash balances whenever needed.
Hot Take:
The abrupt suspension of deposits and withdrawals by Haru Invest has had a significant impact on Revix and its customers. The decision to reserve a portion of customers’ crypto assets is a precautionary measure to mitigate the adverse effects of this situation. However, Revix remains committed to protecting customer assets and ensuring their accessibility. The involvement of other platforms and the imposition of travel bans on executives highlight the wider consequences of this incident in the crypto industry.
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