CoinVoice has recently learned that, according to The Block, the Southern District Court of Seoul, South Korea, found Haru Invest CEO Lee Kyung-soo not guilty of fraud charges. The company suddenly suspended user withdrawal functions in June 2023, resulting in approximately 6,000 investors losing $650 million.
The court found that, although there was negligence in company management, Lee Kyung-soo's actions did not meet the legal standards for fraud in criminal law. The suspension of withdrawals was primarily related to a liquidity crisis triggered by the bankruptcy of FTX. The two co-CEOs of Haru Invest's parent company, Blockcrafters, were also acquitted, but the company's Chief Operating Officer was sentenced to two years in prison for embezzlement. The court emphasized that this ruling only relieves the defendant of criminal liability and does not affect their civil liability to the victims. [Original link]
