Revix, a South African cryptocurrency investment platform, is optimistic that an asset recovery proposal will lead to users regaining access to funds that were frozen when its custody partner, Haru Invest, halted withdrawals. The crypto platform has also initiated discussions with regulators in the hope of expediting a resolution to this issue.

In June 2023, Revix initiated limitations on users' ability to withdraw their funds, allowing them to withdraw only 24% of their assets. During this period, the cryptocurrency investment platform justified these restrictions by attributing them to the sudden suspension of withdrawals by their South Korea-based custody partner.

Uncertainty about its timeline

In late October, which was last month, Revix expressed hope that an asset recovery proposal presented by its custody partner, Haru Invest, would eventually lead to users regaining access to their blocked funds. Nonetheless, Sean Sanders, the CEO of Revix, pointed out that, while this could be positive news for users, his company remains uncertain about the timeline for the completion of this process.

While some have made comparisons between what happened to Celsius and Haru Invest, in his remarks published by Moneyweb, Sanders said it is still early for anyone to make such conclusions.

“It’s not correct to compare Haru to Celsius just yet, as information hasn’t emerged on what exactly happened at Haru. However, Haru has publicly communicated that it plans to distribute assets it holds, which infers that there is value to be returned,” Sanders reportedly said.

The CEO added that his company, Revix, will continue to monitor the recovery efforts as well as ensure users get the highest possible value of their assets. As reported by Moneyweb, Revix has engaged regulators with the expectation that this will further facilitate the resolution of the issue.

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