In a surprising turn of events, Haru Invest, the cryptocurrency platform that had previously halted withdrawals back in June 2023, is now planning to suspend its server, sending shockwaves through its user base. CEO Hugo Lee made this announcement on October 16, citing the need to reduce maintenance costs as the primary reason for the impending server shutdown.

Lee highlighted that server maintenance expenses were the most significant portion of their fixed costs. He mentioned, “We plan to suspend the service in a few weeks, backing up all member information.” However, it’s worth noting that the firm currently lacks a definite plan for this server suspension.

This move comes as Haru Invest attempts to explore various strategies to cut down on operational expenses. Lee explained, “Some of the current fixed expenditures include the upkeep of Haru Invest services, the cost of workspace like the office, and the cost of communication with our members.” The CEO assured that the intention was to lower operating expenditures in order to preserve as many company assets as possible, which would eventually be distributed to users who had funds locked on the platform since June.

Despite the CEO’s explanation, the news of the impending server suspension has generated a wave of discontent within the Haru Invest community. Many users are skeptical about the purported high server maintenance costs, and they question the necessity of such a drastic step.

One disgruntled user vented on Haru Invest’s Telegram channel, which boasts around 3,100 members, saying, “Server costs cost nothing.” Another commenter on Telegram humorously added, “Servers are gone soon guys, huge costs, 200 USD a month.” According to online sources, the maintenance costs of running a server for a small to medium-sized business typically range from $35 to $500 per month.

Lee’s announcement about the impending server suspension follows the events of June 13, 2023 when Haru Invest halted deposits and withdrawals. Subsequently, the South Korean firm shut down its offices and laid off dozens of employees, according to local news reports.

The company attributed the issues on its platform to fraudulent activity by the consignment operator B&S Holdings, formerly known as Aventus. While some concerned investors accused Haru Invest of orchestrating a “rug pull,” the company vehemently denied these allegations.

To address concerns regarding its recent corporate rehabilitation application, the CEO appeared in court in September. Lee assured the court and the investors that Haru Invest was fully cooperating with investigating agencies and striving to establish a timeline for recovering users’ assets. However, as of early October, the company has yet to provide a specific timeline for the fund recovery process.

In another development, Haru Invest reportedly faces a class-action lawsuit along with a major South Korean crypto platform, Delio. Disgruntled investors are jointly accusing both companies of “fraud.”

The situation with Haru Invest underscores the growing challenges within the cryptocurrency space. It serves as a stark reminder for investors to exercise caution and due diligence before entrusting their assets to any platform, especially in an industry that continues to grapple with issues of fraud and regulatory uncertainties.

In conclusion, the cryptocurrency community watches closely as Haru Invest navigates through its financial woes and attempts to regain user trust while planning to suspend its server. The upcoming developments in this case are of significant interest to all those involved and interested in the cryptocurrency world.