On Wednesday (27/10), a cryptocurrency called ARMY Coin – which has been frequently associated with pop group BTS – has been listed Bitget, a Singapore-based crypto exchange. Today (29/10), HYBE have denied all associations with the cryptocurrency.
In a statement published to Korean media, the entertainment company confirmed that they are not involved in the cryptocurrency and will be filing legal action for violating portrait rights. ARMY Coin has been using photos of BTS to promote the coin and claims that it was created to give "lifetime support" to the pop group and maximise their profits.
"We are currently looking into the legal violations in this case, including the cryptocurrency’s infringement on our artists’ portrait rights without permission from or discussion with the agency. We will take legal action against all infringements and violations," said HYBE.
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Read HYBE's full statement, as translated by Soompi, here.
Hello, this is HYBE.
Today, we received information that a cryptocurrency called ARMY COIN has been listed on the Singapore-based cryptocurrency exchange Bitget.
The agency has no connection with this cryptocurrency and it was listed without any discussion with us. Furthermore, photos of BTS were used to promote this cryptocurrency without the permission of Big Hit Music.
We are currently looking into the legal violations in this case, including the cryptocurrency’s infringement on our artists’ portrait rights without permission from or discussion with the agency. We will take legal action against all infringements and violations.
Currently, we have confirmed that the cryptocurrency has been sharing false information with traders in group chats such as, “This was made for BTS” and “This exists to maximize BTS’s profits.” We ask that everyone be careful in order to avoid falling victim. If you have been financially victimized, please immediately inform the nearby police or investigation agency.
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