South Korea issues arrest warrant for Bang, key figure in Delio and Haru Invest withdrawal case

South Korean prosecutors recently issued an arrest warrant for Bang on suspicion of fraud and breach of trust. Bang is accused of being a key figure in the consecutive suspensions of withdrawals by cryptocurrency lending platform Delio and investment management company Haru Invest. Bang allegedly owns a majority stake in B&S Holdings, which Haru Invest claimed was the root cause of the continuous service suspensions. On June 14, 2023, Delio suspended user withdrawals and attributed the suspension to the sudden stop of deposits and withdrawals by Haru Invest, which it cooperated with. On the same day, Haru filed a criminal complaint against B&S Holdings, accusing it of defrauding the company by providing false management reports and claiming that B&S Holdings lost funds worth 350 billion won (approximately US$262 million) in the collapse of the FTX exchange. South Korean police applied for an arrest warrant against Bang last week, and Seoul prosecutors have asked the local court to review the order. Meanwhile, prosecutors have banned key members of Delio, Haru and B&S from leaving the country after their customers filed complaints against their executives. (The Block)