Crypto yields platform Haru Invest has recently revealed plans to temporarily suspend its servers as a cost-saving measure. This decision comes as a result of a fallout with one of its service partners and is part of the company’s ongoing efforts to decrease operational expenses.
Haru Invest’s CEO, Hugo Lee, made the announcement in an official post, stating that the platform is exploring various strategies to reduce fixed costs. These costs include maintaining Haru Invest services, office space expenditures, and expenses related to user communication and translation.
Lee emphasized the company’s commitment to lower expenses to protect its assets, which will eventually be distributed to its members. While ongoing communication costs with customers are expected until the asset distribution takes place, the exact timeline for this distribution remains uncertain. Nevertheless, the company’s top priority is to minimize overall expenses.
Temporary Service Suspension and Asset Data Backup
Server maintenance expenses constitute the largest portion of Haru Invest’s fixed costs, making it a top priority. As a result, the platform plans to temporarily suspend its services in a few weeks. In preparation for this suspension, the company is actively backing up all member information, including asset data.
Lee mentioned that specific plans for asset distribution are still being finalized, and the platform will provide further updates to its clients as the situation becomes clearer.
Challenges and Transparency Concerns
It is important to note that Haru Invest has faced scrutiny in recent months. The platform temporarily suspended deposits and withdrawals back in June 2023, citing issues with a service partner.
In a blog post published on June 14, 2023, Haru Invest expressed its intention to take legal and criminal action against its partner B&S Holdings to protect its users. The accusations involved fraudulent management reports containing false information, which harmed both the company and its users.
However, since then, the platform has not provided substantial updates, leading to concerns about transparency and communication. Users, unable to withdraw their funds since June, have expressed their dissatisfaction and frustration on social media platforms.
CEO Lee assures users that the company is actively cooperating with investigative agencies in civil and criminal actions against B&S Holdings. Efforts are being made to accelerate necessary procedures and provide timely resolutions to the situation.
Despite these challenges, Haru Invest remains focused on preserving its assets and rebuilding trust among its user base. The company’s headquarters in Singapore continue to operate as a centralized financial digital asset management platform.
