Haru Invest Plans to Suspend Its Server
Haru Invest, a troubled cryptocurrency platform, plans to suspend its server a few months after halting withdrawals in June 2023. CEO Hugo Lee made the announcement on Oct. 16, emphasizing that the server maintenance cost is the “largest percentage of fixed costs” for the company and is a priority.
“We plan to suspend the service in a few weeks, backing up all member information,” Lee stated, adding that the firm is “yet to have a definite plan” for the server suspension.
Haru Invest is actively devising various strategies to lower costs associated with operating its services, such as the upkeep of Haru Invest services, the cost of workspace like the office, and the cost of communication with members, the CEO said.
The firm’s move to shut down the server is part of its effort to reduce the server maintenance costs of services, which is a priority for the firm in the web 3.0 era.
Difference Between Web 1.0, 2.0, 3.0 and 4.0
The CEO of Haru Invest declared that the company will reduce its operational costs to protect its assets, and these assets will be allocated to those users who have been stuck on the platform since June. This news has caused some dissatisfaction in the Haru Invest community, with many users suspecting that server maintenance would not be expensive for the company.
One user on Haru Invest’s Telegram channel, which counts around 3,100 members, commented: “Server costs cost nothing.” Another user on the same channel made a sarcastic remark: “Servers are gone soon guys, huge costs, 200 USD a month.” According to online sources, the costs of operating a server for small to medium businesses range from $35 to $500 per month.
The development of the World Wide Web is divided into four generations, Web 1.0, Web 2.0, Web 3.0 and Web 4.0. Web 1.0 was launched in 1989 by Tim Berners-Lee, and it was mainly a static platform for sharing information. Web 2.0 was launched in 2004, and it is more interactive than Web 1.0, allowing users to interact with each other. Web 3.0, also known as the Semantic Web, was launched in 2006 and it is focused on machine-readable data. Finally, Web 4.0 is the latest development, and it is based on artificial intelligence and the Internet of Things.
The main difference between Web 3.0 and Web 2.0 is that Web 3.0 is focused on machine-readable data, while Web 2.0 is more interactive. The main difference between Web 3.0 and the Metaverse is that the Metaverse is a virtual world where users can interact with each other, while Web 3.0 is focused on machine-readable data.
Haru Invest Suspension and Class-Action Lawsuit
Lee’s announcement on the upcoming server’s suspension follows the termination of deposits and withdrawals by Haru Invest on June 13, 2023. The South Korean firm subsequently closed its offices and laid off several employees, as reported by local news agencies.
Haru Invest attributed the issues on its platform to the fraudulent activity of its consignment operator B&S Holdings, formerly known as Aventus. Investors raised suspicions of a rug pull by the firm, but Haru Invest has denied the accusations.
Lee appeared in court in September to address the concerns about its corporate rehabilitation application. He stated that Haru Invest was cooperating with investigating agencies and attempting to set a timeline for recovering users’ assets. As of early October, Haru Invest has yet to provide a timeline for the recovery of the funds.
Haru Invest is reportedly facing a class-action lawsuit alongside the major South Korean crypto platform Delio, with disgruntled investors accusing the companies of fraud.
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