Wu said that the Seoul Central District Court in South Korea announced on November 20 the bankruptcy of the virtual asset financial service company Haru Invest, which was sued for its involvement in a cryptocurrency fraud case involving 1.4 trillion won. The court determined that, although Haru Management is registered in the British Virgin Islands, it has an office in South Korea, thus having jurisdiction, and made the bankruptcy ruling based on the failure to pay a huge debt and the inability to pay. Previously, Haru Invest attracted investors to deposit cryptocurrency through false promises and suddenly stopped withdrawals in June last year, causing over 16,000 investors to suffer losses.