3AC's big comeback, 2,500,000% increase in OPNX volume, Huobi cofounder sues Huobi over naming rights, South Korean crypto contagion update, plus Hodlnaut's fate, and more in Asia Express.
announced
that it would be terminating a portion or all of its current staff count just days after suspending users’ deposits and withdrawals. The move comes after the firm accused its consignment operator, B&S Holdings, of fraudulent operations. “It comes with a heavy heart to inform you that we will be minimizing the operations of Haru Invest and its affiliated companies to prevent further damages that are likely to be incurred.”
Last week, fellow South Korean crypto lending firm Delio, with over $9 billion in self-reported assets under management, also announced it would suspend withdrawals, citing exposure to Haru Invest. The firm has since clarified it will resume withdrawals, albeit with no schedule disclosed. During an extraordinary investors’ meeting on June 17, CEO Jung Sang-ho disclosed for the first time that Haru Invest is claiming bankruptcy.
Almost one year later, 3AC is still undergoing bankruptcy proceedings, but it appears that clawing money back has become harder than ever. On June 15, 3AC creditors filed a motion to hold Kyle Davies in; however, the motion would only apply to Davies, and not Su, as the latter’s Singaporean citizenship does not subject him to U.S. jurisdiction. The two’s current whereabouts are unknown, and no criminal complaints have been yet filed against the two blockchain personalities.
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