Foreign Coin Fraud Victims Struggle with Legal Challenges
More than 10,000 foreign investors are struggling with legal action after Haru Invest, a company that raised approximately 1.4 trillion KRW (around $1.1 billion USD) worth of cryptocurrency from numerous investors, suddenly suspended withdrawals. With foreign victims reportedly double the number of domestic ones, attention is focused on how the South Korean judicial authorities will proceed with the investigation.
As of the 13th, according to representatives of foreign victims, out of the 16,347 individuals who entrusted their coins to Haru Invest, 11,313 are foreigners, with their damages estimated at over 1 trillion KRW. The victims hail from various countries, including the U.S., India, France, Finland, Australia, Iceland, Norway, Latvia, Ireland, and Switzerland. Law firms representing just a small fraction of these foreign victims have so far reported damages amounting to approximately 40 billion KRW.
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Since Haru Invest is headquartered in South Korea and operated by offering returns to investors based on the condition of coin deposits, without involving any foreign cryptocurrency exchanges, any legal response must be pursued within South Korea.
Hyeonsu “Elliot” Jin, Managing partner at Decent Law Firm, which represents some of the foreign victims, stated, “The Haru Invest case is not just a simple cryptocurrency scam in Korea, but a global issue with victims scattered worldwide. To restore the confidence of foreign investors, the South Korean judicial system must take active measures.”
