Court Acquits Haru Invest CEO

The CEO of Haru Invest, Mr. Lee, who received virtual assets (cryptocurrencies) from investors and was at the center of a withdrawal suspension incident, has been acquitted.

According to the industry on the 17th (KST), the 15th Criminal Division of the Seoul Southern District Court (Chief Judge Yang Hwan-seung) ruled, "Although it is difficult to deny responsibility due to poor management, it is hard to consider it as deception punishable under criminal law," and acquitted Mr. Lee.

Mr. Lee was indicted on charges including fraud under the Act on the Aggravated Punishment of Specific Economic Crimes for suddenly suspending withdrawals in June 2023 and misappropriating virtual assets worth approximately ₩880 billion from over 6,000 clients. In addition, Mr. Park and Mr. Song, co-CEOs of Block Crafters (operator of Haru), who were indicted together with Mr. Lee, were also acquitted.

The court accepted all of the defendants’ arguments regarding Haru’s business sustainability, the alleged deceptiveness of promotional activities, and potential willful misconduct.