To block the server of the crypto product platform Haru Invest

Troubled cryptocurrency platform Haru Invest plans to shut down its servers in June 2023, a few months after its shutdown.

Haru Invest is considering shutting down its servers to reduce maintenance costs, the company's CEO Hugo Li announced on October 16. Haru invests and is a priority for the organization.

“We plan to back up all members' data in a few weeks and stop the service,” Lee said in the announcement.

The firm's move to shut down the server comes at a time when Haru Invest is “actively devising various strategies” to reduce costs associated with its services, the CEO said. “Current fixed costs include maintaining Haru Invest's services, the cost of office space such as the office, and the cost of communicating with our members,” Lee added.

The CEO said Haru Invest intends to further reduce operating costs to maintain the company's assets as much as possible. He promised that these assets will be added to those assets that will be distributed to users who have kept their money on the platform since June.

News of the ban has sparked some outrage in the Haru Invest community, with many users arguing that server maintenance does not cost the firm much.

“The server costs nothing,” wrote one frustrated user on Haru Invest's Telegram channel, which has a total of 3,100 members.

Another Telegram commenter said, “Guys, high cost, $200/month servers just went down.” According to online sources, maintenance costs for running a server for small and medium businesses range from $35 to $500 per month.

Lee's comments on the upcoming server suspension come a few months after Haru Invest stopped accepting deposits and withdrawals on June 13, 2023. The South Korean company subsequently closed its office and laid off dozens of employees, according to local news agencies.

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Haru Invest said the platform's problems stemmed from fraudulent activity by consignment operator B&S Holdings, formerly known as Aventus. Some concerned investors have accused the firm of orchestrating carpetbagging, but Haru Invest has denied the allegations.

Lee appeared in court in September to address concerns over his recent corporate recovery application. Haru Invest said it is working with investigative agencies to come up with a timetable for recovering the assets of users. As of early October, Haru Invest has not provided any time frame for getting the money back.

Haru Invest is reportedly facing a class-action lawsuit along with major South Korean crypto platform Delio, accusing the firms of defrauding investors.

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