K-Pop Company CEO Accused of Cryptocurrency Scandal – Rivalry
The CEO of Cube Entertainment, Kang Seung-gon, is facing allegations of being involved in a cryptocurrency scandal. According to a report from The Korea Economic Daily on January 9, 2025, Kang is accused of promoting investments in Nestree (EGG), a cryptocurrency launched by Nestree Media Group. Investors were reportedly promised quick returns, which Kang denies ever making. After Cube Entertainment’s investment of 100 million won ($68,000 USD) in Nestree Media Group in 2022, the cryptocurrency’s value skyrocketed, only to later crash, leaving investors with substantial losses.
Despite Kang’s denials, investors are pursuing legal action, accusing him of misleading guarantees and potential market manipulation. This case has drawn attention from South Korean regulators, who are cracking down on market manipulation in the cryptocurrency sector.
While Kang claims the investment was part of Cube’s expansion into blockchain technology and denies profiting personally, investors are seeking restitution for their losses. The controversy serves as a cautionary tale of the risks involved in the cryptocurrency market and the importance of thorough research before investing.
For those interested in learning more about cryptocurrency, Rivalry offers a wealth of resources on their blog, covering topics like price predictions, market trends, and beginner tips. Whether you’re curious about altcoins, NFTs, or blockchain technology, staying informed is key to navigating this ever-evolving landscape. So, keep an eye on Rivalry for the latest updates in the world of cryptocurrency.
