Crypto yield platform Haru Invest to suspend server

Haru Invest planning to reduce costs

Cryptocurrency platform Haru Invest is considering shutting down its server in order to lower maintenance costs, according to CEO Hugo Lee. The server maintenance cost accounts for a significant portion of fixed costs at Haru Invest, making it a priority for the firm. Lee stated that the company plans to suspend the service in the coming weeks, but has not yet finalized the details of the server suspension.

Lowering operating expenditures

Haru Invest is actively working on strategies to reduce all costs associated with running its services, including the upkeep of the platform, office expenses, and communication costs with its members. The company aims to lower its operating expenditures in order to preserve as much of its assets as possible. These assets will be distributed to users who have been unable to access their funds since June.

Community discontent

The news of the server suspension has caused discontent among Haru Invest users. Some argue that server maintenance costs are not as high as the company claims. One user on Haru Invest's Telegram channel stated that server costs are negligible, while another sarcastically noted that the costs are only $200 per month. Online sources indicate that server maintenance costs for small to medium-sized businesses typically range from $35 to $500 per month.

Background on Haru Invest

Haru Invest previously halted deposits and withdrawals in June 2023 and subsequently closed its offices and laid off employees. The company cited fraudulent activity by consignment operator B&S Holdings (formerly known as Aventus) as the cause of the platform issues. Haru Invest denied accusations of orchestrating a "rug pull" and CEO Hugo Lee appeared in court to address concerns over the company's corporate rehabilitation application. As of early October, no timeline has been provided for recovering users' funds. Haru Invest is also facing a class-action lawsuit along with major South Korean crypto platform Delio, with investors accusing both companies of fraud.