'1.4 Trillion Coin Scam' Haru Invest Affiliate Bankruptcy... Court Declares "Insolvency"

A related company of Haru Invest, a virtual asset deposit service provider that sparked controversy by receiving coins worth about 1.4 trillion KRW from customers and suddenly halting withdrawals, has gone bankrupt.

Seoul Rehabilitation Court, Seocho-gu, Seoul

On the 20th, the Seoul Bankruptcy Court Rehabilitation Division 14 (Chief Judge Lee Yeo-jin) accepted creditors' petitions and declared bankruptcy for Haru Management Limited. Haru Management is one of Haru Invest's affiliates, responsible for member registration, product subscription, and managing customers' virtual assets. Although the company was established in the British Virgin Islands, the court determined that there is international jurisdiction at the Seoul Bankruptcy Court because the parties or the dispute have substantial connections to the Republic of Korea under international private law.

The court ruled that there is a "reason for insolvency," considering that the debt has not been paid. In relation to this, a creditors' meeting and debt investigation hearing are scheduled to be held at the Seoul Court Complex on February 11 next year.