South Korean Celebrities and YouTubers Wrapped Up in Alleged Cryptocurrency Scam
Summary:
A cryptocurrency scam has surfaced in South Korea, implicating several celebrities and YouTubers. The scheme, allegedly run by local blockchain sports platform Winnerz, involves issuing fake cryptocurrencies and preventing investor withdrawals. The company supposedly used popular figures to endorse the scam, with some admitting to investment. The controversy has prompted connected individuals, including influential Korean YouTuber Oh Byeong-min, to dissociate from Winnerz.
A potential cryptocurrency scandal involving well-known celebrities and online influencers has struck South Korea. As reported in the Korean Herald, Winnerz, a local sports platform operating within blockchain and other businesses, including the issuance of cryptocurrency, stands accused of running a coin scam. The allegations surfaced following anonymous investor grievances claiming the company was producing counterfeit cryptocurrencies, accepting investments, and then hindering investor withdrawal of funds. This incident was reported to the National Civil Service and, subsequently, to the National Police Agency on February 5.
Winnerz is believed to have boosted their scam through popular celebrities and YouTubers who purchased the coins or lured more investors for a fee. The involvement of famous personalities was suspected when users found photographs of celebrities like comedian Na Sun-uk attending Winnerz's year-end party. Choi Seung-Jung, one of Winnerz’s main representatives, and seen in photos with many celebrities, is suspected of executing multiple crypto tokens frauds, including GDG and TYP coin scams.
The tactic of leveraging famous people to advertise a scam isn't confined to Korea or the cryptocurrency industry, it has been commonplace for years. Stars like Kim Kardashian and Floyd Mayweather have faced legal action and fines for endorsing similar schemes.
Related: South Korean officials will declare their crypto assets in 2024.
While most famous personalities implicated in promoting or associating with Winnerz scam have refuted any association, some have admitted to investing in the dubious cryptocurrency. Comedian Sun-uk, YouTubers Kim Won-hoon and Cho Jin-se all denied any involvement or investment in the contentious project, claiming their presence at the event was because of other personal engagements.
However, Oh Byeong-min, another influential Korean YouTuber with two million followers, admitted to investing in Winnerz after his name was found among the company’s directors. Amid the rising controversy, he declared his disassociation from the project, clearly stating he ceased "all projects with Winnerz and have no plans to collaborate with Winnerz in the future."
Cointelegraph attempted to get additional comments from Oh Byeoung Min and Won-hoon, but is awaiting their response.
Magazine: OKX token’s $6.5B flash crash, crypto exec ‘Mr Bang’ on the run: Asia Express.
Published At
2/13/2024 12:15:34 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.