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Singapore-based Haru Invest comments on rug pull rumors 

singapore-based-haru-invest-comments-on-rug-pull-rumors
Edited by
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Singapore-based Haru Invest comments on rug pull rumors 

Haru Invest has responded via Twitter to rumors that it has rug-pulled investors. The high-yield crypto investment company suspended deposits and withdrawals today, citing “an issue with one of its service partners.”

Haru Invest, a Singapore-based web3 company offering investors high-yield crypto investment products, has responded to rumors that it has orchestrated a rug pull attack on its users. 

The company announced the indefinite suspension of deposits and withdrawals during the early hours of June 13, citing an undisclosed issue with one of its service partners.

At the time, the company claimed it was investigating the problem and halting pausing its deposit and withdrawal service would enable it to protect user assets under its custody. The statement reads,

“For the purpose of protecting our users’ assets under our custody, we have come to make a tough decision that any deposit and withdrawal requests will be suspended until further notice, starting from June 13, 2023, at 0:40 UTC.”

Haru Invest 

However, later Haru Invest team announced via Twitter that operations have resumed at its offices, adding that it’s not trying to rug-pull its investors and will release more updates soon.

Scams and rug pull attacks have become quite rampant in the centralized finance (CeFi) and DeFi ecosystems recently, spurring regulators across various jurisdictions to call for more robust regulatory frameworks. 

Last month, Dubai’s Financial Services Authority (FSA) buttressed the need for more strategic collaborations between regulatory watchdogs across various jurisdictions to combat crypto-related scams.