{"id":7051,"date":"2025-01-10T16:17:32","date_gmt":"2025-01-10T16:17:32","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=7051"},"modified":"2025-01-10T16:17:32","modified_gmt":"2025-01-10T16:17:32","slug":"k-pop-crypto-scam-cube-entertainment-ceo-accused-of-investment-scheme","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=7051","title":{"rendered":"K-Pop Crypto Scam? Cube Entertainment CEO Accused Of Investment Scheme"},"content":{"rendered":"
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The CEO of K-pop giant Cube Entertainment is under fire after being accused of participating in a crypto investment scam. He is suspected of allegedly using the entertainment company to inflate the price of the alleged scam token and now risks legal action.<\/p>\n

K-Pop Powerhouse CEO Under Fire<\/h2>\n

On Thursday, local news reported<\/a> that Kang Seung-gon, CEO of Cube Entertainment, was accused of participating in a crypto scheme In 2022. Kang, who is the company\u2019s majority shareholder, allegedly used the K-pop powerhouse to inflate a cryptocurrency\u2019s value and encouraged people around him to invest in the token.<\/p>\n

In March 2022, Cube invested 100 million won, worth around $67.834, in Nestree Group Media (NMG) by participating in the company\u2019s capital increase. As a result, Cube reportedly secured a 40% stake in the blockchain technology company.<\/p>\n

According to the report, the price of the company\u2019s cryptocurrency, Nestree (EGG), increased tenfold in a month after Cube\u2019s investment news. The token\u2019s price jumped from 5 won, worth around $0.0034, to about 60 won, worth around $0.041, by March 28, 2022.<\/p>\n

However, Nestree\u2019s price plunged<\/a> 34% the next month and continued its freefall to the 5-won mark the following year. As of this writing, the token trades at 4.8 won, or $0.0033, on Bithumb.<\/p>\n

\"crypto\"<\/p>\n

It\u2019s worth noting that Nestree Group Media listed its token on South Korean exchanges Coinone and Bithumb between August 2019 and April 2020, \u201cclaiming to be a messenger service specialized for blockchain-based communities.\u201d<\/p>\n

According to the report, the company\u2019s main business has been \u201cvirtually shut down.\u201d Meanwhile, Nestree Mall, the company\u2019s reward-based shopping mall for the crypto market, hasn\u2019t been shut down but has sold out or discontinued all registered products.<\/p>\n

Kang Denies Crypto Scam Involvement<\/h2>\n

Kang is accused of using his influence<\/a> to encourage acquaintances and associates to acquire Nestree\u2019s token before and after Cube\u2019s investment in the company, allegedly guaranteeing the return on the initial investment.<\/p>\n

An investor claims that \u201cIn early 2022, Mr. Kang encouraged me to invest, saying, \u2018I will guarantee the principal, so please trust me,\u2019\u201d adding that, \u201cBelieving his words, securities firms, Cube Entertainment officials, and loan sharks rushed to invest in Nestree.\u201d<\/p>\n

Another investor alleged they \u201cbelieved Mr. Kang\u2019s words and invested about 80 million won in Nestree in March 2022, but lost over 70 million won when the value of Nestree plummeted.\u201d<\/p>\n

Reportedly, the affected investors asked the CEO to \u201cguarantee their principal as promised\u201d but were told Kang never promised such a thing. Instead, some investors allegedly received new investment suggestions from Kang and the promise to \u201chelp them make up for their losses with other coins.\u201d<\/p>\n

Nonetheless, Cube\u2019s CEO has denied the allegations<\/a>, claiming that neither he nor the company have been involved in a crypto scam. He emphasized that \u201cthere is no evidence that we recommended a cryptocurrency investment under the condition of a principal guarantee.\u201d<\/p>\n

Kang added that the K-pop company\u2019s investment in Nestree Group Media was \u201cpart of Cube Entertainment\u2019s expansion into the new blockchain business, and we plan to continue our business collaboration with Nestree.\u201d He concluded his response by affirming that, despite investing in EGG before Cube\u2019s partnership, he \u201cdidn\u2019t profit from selling at the peak but rather lost money.\u201d<\/p>\n

Despite denying the allegations, the alleged victims are considering legal action against Kang.<\/p>\n

\"crypto\"<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The CEO of K-pop giant Cube Entertainment is under fire after being accused of participating in a crypto investment scam. He is suspected of allegedly using the entertainment company to inflate the price of the alleged scam token and now risks legal action. K-Pop Powerhouse CEO Under Fire On Thursday, local news reported that Kang […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-7051","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/7051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7051"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/7051\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}