Haru Invest CEO Stabbed During Fraud Trial in Seoul

The CEO of South Korean bitcoin deposit provider Haru Invest, Hugo Hyungsoo Lee, was stabbed while standing trial in Seoul for fraud. A man in his 50s unexpectedly attacked Lee and stabbed him in the neck at the Seoul Southern District Court on Wednesday, causing shock and alarm. Lee, fortunately, escaped the incident unscathed and was quickly sent to the hospital.

The attacker was apprehended by police right away, and they are currently looking into what motivated the crime. Tensions surrounding the already well-known trial have increased as a result of the incident, which has drawn intense attention from both the general public and the cryptocurrency community.

Trial Linked to Allegations of Massive Fraud

Lee’s trial stems from serious charges filed earlier this year in February 2024. He was indicted for fraud following the abrupt suspension of cryptocurrency withdrawals by Haru Invest, amounting to approximately 1.4 trillion won (around $1.05 billion). These funds had been deposited by customers between March 2020 and June 2023.

Allegations that Lee and other officials embezzled customer monies followed the abrupt stop in withdrawals, which caused a great deal of controversy. They are charged with deceiving investors about the security and return on their investments, which many of them claim resulted in large financial losses.

The risks associated with South Korea’s cryptocurrency market have come to light as a result of this case. As a result, regulatory bodies have increased their industry monitoring in an effort to stop similar occurrences from happening again.

The stabbing incident has highlighted the mounting tensions and concerns regarding the regulation and safety of bitcoin platforms, adding another level of complexity to an already contentious trial.