According to BlockBeats, on June 17, The Block reported that a South Korean court announced on Tuesday that Haru Invest CEO Lee Hyung-soo was not guilty, dismissing the fraud charges against him.
Lee Hyung-soo previously faced fraud charges due to Haru Invest suddenly closing the user withdrawal channel and shutting down its office in June 2023. It is alleged that the company attracted thousands of investors by promising to 'fully return the principal' and offering high returns of up to 25% annually.
The South Korean prosecutors initially accused the company of illegally obtaining 1.39 trillion won (approximately 1.02 billion USD) from around 16,000 investors, but later reduced the amount to 880.5 billion won (approximately 650 million USD) in the formal indictment, involving about 6,000 investors. Prosecutors had requested the court to sentence Lee Hyung-soo to 23 years in prison.