ChainCatcher news, according to Digital Asset, South Korean prosecutors have requested to increase the prison term of the major shareholder of the quantitative trading company B&S Holdings to 15 years in an appeal case. This individual is currently serving a 10-year prison sentence for a cryptocurrency fraud case involving a total of 6 billion won (approximately 41.75 million USD).The major shareholder, whose surname is Bang, was initially convicted in August 2024 of embezzlement from the digital asset management platform Haru Invest and the blockchain trading system developer Traum Infotech. The mismanaged assets were originally entrusted to Traum Infotech for management by the virtual asset deposit platform Delio. Due to the inability to recover these funds, both Haru Invest and Delio had to suspend customer withdrawal services.Investigators found that Bang had invested most of the customer assets into the cryptocurrency exchange FTX. However, FTX declared bankruptcy in November 2022 due to mismanagement, resulting in these assets being frozen.

ChainCatcher news, reported by Digital Asset, states that the entrusted operator B&S Holdings wallet, in collaboration with Haru Invest, transferred 23 billion KRW (approximately 18 million USD) in digital assets to FTX in August 2022. It is currently difficult to determine how the assets transferred by B&S Holdings to FTX were operated and the scale of the assets trapped in FTX. (Source link)

ChainCatcher news reports that Haru Invest, a digital asset management platform operating in South Korea, has announced on its official website that the company has filed a lawsuit against B&S Holdings. Through media reports, it has been learned that as part of the investigation, B&S Holdings has been seized and searched.Regarding whether a detailed plan for the distribution of remaining assets has been established, Haru Invest stated that preparations have begun to recover and distribute assets. However, due to the nature of virtual assets, the recovery and distribution of managed assets are expected to take time. Additionally, the facts for which the company is being accused will affect the decisions and procedures regarding distribution, which may require more time.As for whether there are plans to enter bankruptcy management or sell the company, Haru Invest indicated that while there is a possibility of considering court management and sale, the most prudent approach given the current situation is to take maximum legal action and recover existing assets. To proactively mitigate potential risks such as hacking, theft, or loss, necessary measures have been taken to entrust accounts and wallets to a cryptocurrency custody service. (source link)

ChainCatcher news, according to Digital Asset, regarding the lawsuit against the South Korean virtual asset management company "Chain Suspension of Withdrawals," the country's prosecutors have banned key executives of B&S Holdings, Delio, and Haru Invest from leaving the country, including B&S Holdings major shareholder bang certain, Delio CEO Chung Sang-ho and other executives of the company, as well as executives of Haru Invest. It is reported that Delio is also under investigation by the country's financial authorities for suspected violations of trust and embezzlement.Previous news, Haru Invest suspended deposit and withdrawal requests after issues with B&S Holdings, stating that B&S Holdings provided management reports containing false information, and subsequently, Delio announced the suspension of withdrawals citing the impact of Haru Invest. (Source link)

ChainCatcher news, Haru Invest's CEO Hugo Lee issued an apology letter, stating that they have become aware that many users have taken legal action against the company. Haru Invest plans to cooperate with relevant departments to clarify the facts, with the primary focus on addressing the legal actions related to fraud, embezzlement, and other allegations against B&S Holdings, to determine the scale of losses and recover losses for clients. (Source link)

ChainCatcher news, reported by Digital Asset, states that B&S Holdings, the delegated operator in collaboration with Haru Invest, had sales of 0 Korean Won in 2021 and 2022.In addition, the expenses for sales and management incurred by B&S Holdings in 2021 and 2022 were 1.14234 million Korean Won (approximately 891 USD) and 162.96 million Korean Won (127,000 USD), respectively, resulting in losses of approximately 1.14 million Korean Won and approximately 181.04 million Korean Won. In 2022, B&S Holdings' capital was approximately -143.12 million Korean Won, indicating a complete capital loss. (source link)

ChainCatcher news, the digital asset management platform Haru Invest stated that it is making every effort to expedite the live investigation into the fraudulent activities of the entrusted operator BNS Holdings (formerly Aventus), which fraudulently provided management reports containing false information.Haru Invest indicated that it is unable to provide performance reports for Earn Explore, as it is still investigating whether and to what extent investors' assets have lost value. Haru Invest will provide a supplementary report as soon as possible and asks users to be patient.ChainCatcher previously reported that Haru Invest announced that its entrusted operator B&S Holdings (formerly Aventus) provided management reports containing false information in a fraudulent manner, misleading the judgment of the company and users. Haru Invest has decided to take immediate legal action. In addition, Haru Invest has already filed a criminal lawsuit against B&S Holdings on the same day and plans to file a civil lawsuit. (source link)

ChainCatcher news, Haru Invest has issued another announcement stating that it has entrusted the operator B&S Holdings (formerly Aventus) to provide management reports containing false information in a fraudulent manner, thereby deceiving the judgment of the company and users. Haru Invest has decided to take immediate legal action. In addition, Haru Invest has already filed a criminal lawsuit against B&S Holdings today and plans to file a civil lawsuit. (Source link)