On June 25, according to Digital Asset, the South Korean prosecutor’s office has banned Hull Investment executives from traveling abroad after being accused of “continuous withdrawal suspension” fraud. report.
The ban affects an unnamed executive at Hull Investments, CEO Derio Chung Sang-ho, and a B&S shareholder named Bang.
Reasons for travel restrictions
The travel ban comes after Hull Invest suspended user withdrawals on June 13, citing false information from an unnamed broker.
Investors were terrified after the company closed its Seoul office. community members Note that the company has removed that information YouTube and LinkedIn profile. These actions have led to speculation of fraud and allegations of rug pulling, but the company has vehemently denied the allegations.
Meanwhile, the anonymous contractor was revealed to be renewable energy company B&S Holdings. Shareholder Ban has been placed on a travel ban after prosecutors linked him to Hull’s suspension of trading activities.
Derio CEO Jung Sang-ho initially denied revealing Mr. Hull, but later admitted that he had entrusted crypto assets to a troubled company. On June 14th, the cryptocurrency lending platform temporarily suspended withdrawals to protect customers’ assets.
South Korean investigators are reportedly investigating Delio for embezzlement and misconduct.
not ragpull
Former Hull Invest executive and co-founder Eungwang Ju defended the company against the rug-pulling innuendo.
Twitter on June 13th threadChu said Hull’s problem was simply an internal one, adding, “It’s not a situation where they are maliciously trying to pull the rug.”
But he acknowledged that it would leave many investors concerned if the company shut down its social media accounts without further official announcement.
Joo left the company over a year ago.
Since suspending withdrawal and deposit activities, the company has dismissed Over 100 employees.
crypto slate has reached out to a Hull Invest executive known to the company for comment.
An article about Hull Investment executives being stationed in South Korea on fraud charges first appeared on CryptoSlate.
