- Authorities accuse CEO Kang Seung-gon of conducting a cryptocurrency fraud.
- Cube Entertainment’s legal difficulties with crypto continue to increase.
Accusations against a significant figure in South Korea’s K-pop scene, Cube Entertainment, are piling up, this time focusing on its CEO, Kang Seung-gon. As per the claims, the CEO is said to be involved in a cryptocurrency manipulation scheme related to an investment in a blockchain company called Nestree Media Group.
The dispute began in March 2022 after Cube Entertainment bought a 40% share of Nestree, an online store managed with its own cryptocurrency token, for 100 million won. This investment triggered a dramatic increase in the price of the Nestree token, soaring up to 100 times its original value, causing much excitement among investors.
Yet, the festivities were brief as the sudden drop in crypto values drastically reduced Nestree’s worth, causing a 90% loss for numerous investors. This left some investors, such as the one who lost over $47,000, feeling betrayed, claiming that Kang had assured them of guaranteed profits and exclusive insights about the token.
Kang Denies Anything Wrong
Kang Seung-gon disputed claims he considered unfounded and denied any involvement in a pump-and-dump scheme. The executive from the company stated that Cube’s investment in Nestree was part of a broader plan to expand blockchain technology, not tied to any promises of guaranteed returns.
Despite these denials, the scandal casts doubt on entertainment and cryptocurrency investments, particularly since Cube Entertainment may be facing legal action. The investors who lost funds in this scheme are now pursuing legal action, which could have significant consequences for the company and potentially South Korea’s regulatory framework of the crypto industry as well. Regards, Kang.
The denials do little to dispel doubts about entertainment and cryptocurrency investments given Cube Entertainment’s potential legal troubles. Investors who lost money in the scheme are taking legal action that could negatively impact the company and possibly South Korea’s crypto industry regulations as well. Best regards, Kang.)
This incident underscores the importance of understanding risks associated with cryptocurrency investments, and it highlights the need for transparent regulations in the sector. Both entertainment companies and investors are grappling with the intricacies of blockchain technology, and this struggle could shape future regulations concerning the nation’s crypto industry.
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2025-01-14 21:10