The CEO of Haru Invest, Lee Hyung-soo, has been acquitted of fraud by a court in South Korea, which ruled that he did not deliberately deceive investors despite the alleged losses of 650 million dollars.

Lee was accused of defrauding 6,000 investors after Haru abruptly halted withdrawals in 2023. The court cited links to the collapse of FTX and found that Haru's business model had legitimate operations.

The co-CEOs of the parent company, Blockcrafters, were also acquitted, while the chief operating officer, Kang, received a 2-year sentence for embezzlement.