Struggling cryptocurrency platform Haru Invest plans to suspend its server a few months after halting withdrawals in June 2023.
Haru Invest is considering shutting down its server to reduce maintenance costs, CEO Hugo Lee announced On October 16th. The CEO stressed that the cost of server maintenance represents “the largest proportion of fixed costs” at Haru Invest and is a priority for the company.
“We plan to suspend the service in a few weeks by backing up all member information,” Lee said in the announcement, adding that the company “does not yet have a final plan” to suspend the server.
The company’s decision to shut down the server comes as Haru Invest says it is “actively developing various strategies” to reduce all costs associated with running its services, the CEO said. “Some of the current fixed expenses include maintenance of Haru Invest services, the cost of workspace such as office space, and the cost of communicating with our members,” Lee added.
The CEO stated that Haru Invest intends to further reduce operating expenses to preserve as much of the company’s assets as possible. He also promised to add these assets to those that will be distributed to users whose funds have been locked on the platform since June.
News of the suspension caused some dismay in the Haru Invest community, with many users arguing that server maintenance may not be costing the company a fortune.
“The server cost is negligible,” wrote one dissatisfied user On the Haru Invest channel on Telegramwhich has about 3,100 members in total.
Another Telegram user commented sarcastically: “Servers will be deactivated soon guys, huge costs, $200 USD per month.” According to online sources, the maintenance costs of running a server for a small or medium business It changes Between 35 to 500 dollars per month.
Lee’s announcement of the upcoming server suspension comes just months after Haru Invest stopped deposits and withdrawals on June 13, 2023. Local news agencies reported that the South Korean company subsequently closed its offices and laid off dozens of employees.
Haru Invest said the issues on its platform were due to fraudulent activity by shipping company B&S Holdings, formerly known as Aventus. Some concerned investors accused the company of orchestrating a rug pull, but Haru Invest denied the allegations.
for me He appeared in court in September to address concerns about the company’s recent rehabilitation filing. He said Haru Invest is cooperating with investigating agencies and working on a timeline to recover users’ assets. As of early October, Haru Invest has not yet provided a timeline for refunds.
It is said that Haru Invest Facing a class action lawsuit Along with major South Korean cryptocurrency platform Delio, where disgruntled investors accuse the companies of fraud.
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Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.