In a shocking incident, the CEO of Haru Invest was stabbed in a South Korean courtroom while attending a trial for an alleged $826 million crypto fraud.
Hugo Hyungsoo Lee, the CEO of Haru Invest, faced a violent attack by a middle-aged man during the court proceedings. The assailant, a former Haru Invest customer, currently faces charges.
Fortunately, his injuries were not life-threatening upon arriving at the hospital. This incident sends goosebumps and shockwaves through the South Korean crypto community, raising concerns about the safety of those involved in the industry.
The Truth about South Korean Crypto Fraud
The Haru Invest trial has been making headlines in South Korea due to its massive scale and timing.
The prosecution alleges that Haru Invest misled investors by falsely advertising high returns on their crypto investments. When the firm suspended withdrawals in June 2023, many customers couldn’t access their funds.
This is just one of many treacherous south Korean crypto fraud stories.
In February 2023, Do Kwon—CEO of Terraform Labs, was found guilty of a $40 million crypto fraud. Early this year, the Haeundae Police Station in Busan, South Korea, detained two individuals in their 20s and 30s for deceiving a senior citizen and stealing 5.5 billion South Korean won ($ 4.1 million) spread across multiple transactions.
In response to multiple fraud cases, the South Korean government passed the “Virtual Asset User Protection Act” in June 2023. This law aims to regulate the crypto market, protect investors, and prevent future frauds.
The attack on Lee highlights the risks and challenges faced by individuals and businesses involved in the crypto industry. As the market continues to grow, it is essential to have strong regulations and safeguards in place to protect consumers.
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