Haru Invest, a troubled cryptocurrency platform, intends to terminate its server a few months after halting withdrawals in June 2023. In an October 16 statement, Hugo Lee, the CEO of Haru Invest, said this move aims to reduce the company’s expenses and address the concerns of clients who have had their assets locked on the platform for months.
The CEO disclosed that the most substantial portion of the company’s fixed expenses is attributed to server maintenance costs. As a result, Haru Invest is exploring multiple strategies to reduce its operating costs across the board. This covers not just server maintenance but also costs associated with office space and communication with its members.
“Some of the current fixed expenditures include the upkeep of Haru Invest services, the cost of workspace like the office, and the cost of communication with our members.”
These measures will help in securing the maximum assets of the company. Ultimately, these assets will be distributed to customers affected by the withdrawal suspension. However, the news of the upcoming server shutdown has caused discontent within the Haru Invest community. Some are skeptical about the company’s assertions about the high cost of server maintenance.
A dissatisfied user on Haru Invest’s Telegram channel commented that server costs are negligible. Another user mockingly said servers will “disappear soon” with these huge monthly costs of 200 USD. According to online sources, small to medium-sized businesses usually spend between $35 and $500 per month on server maintenance.
Haru Invest Blames Partner For Company’s Challenges
Haru Invest is facing heightened scrutiny due to the suspension of withdrawals, which the company attributes to issues with a service partner. In a blog post published on June 14, the company revealed its plans to take legal actions against its partner B&S Holdings to protect its customers. B&S Holdings (formerly Aventus), operated as a consignment operator.
— Haru Invest (@haruinvest) June 14, 2023
According to the blog, Haru Invest alleged that the company had provided fraudulent management reports with “false information,” which misled both the company and its customers. However, Haru Invest has not submitted substantial updates, leaving many users concerned about the lack of communication and transparency.
The recent news may erode trust in the platform and raise questions about its future. However, CEO Lee mentioned that the company is cooperating with investigative agencies in legal actions against B&S Holdings and working hard to speed up the necessary procedures.