• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Fraud Allegations Against Cube Entertainment CEO in Nestree Token Case

user avatar

by Giorgi Kostiuk

a year ago


Cube Entertainment CEO Kong Suan is facing allegations of misleading investors in a cryptocurrency scheme linked to the Nestree token.

Allegations Against Kong Suan

Kong Suan, the CEO of Cube Entertainment, is facing allegations of misleading investors in a cryptocurrency scheme linked to the token 'Nestree.' These accusations have caused concern among affected individuals, who are now considering legal action.

Cryptocurrency Investment History

Cube Entertainment, known for managing popular K-pop groups, ventured into the cryptocurrency space in 2022. The company invested about 100 million KRW (around $68,000) into Nestree Media Group, which owned the cryptocurrency tied to the token. Initially, the investment seemed promising, with the value of the token skyrocketing from 5 KRW to 50 KRW within a month. Many investors, encouraged by the company's involvement, bought into the token. However, things took a turn for the worse. Kong allegedly guaranteed that investors' principal would be protected, but the value of the token plummeted over 70% by the end of 2022. The decline left many investors with financial losses. Reports claim that Kong attempted to redirect them to other cryptocurrency opportunities, but denied the allegations and the guarantees made.

Legal Consequences and Market Reaction

Kong denied the claims that he and Cube Entertainment were involved in a scam. He stated there was no promise to guarantee investments, and explained that Cube's investment in Nestree was part of their move into blockchain business, and they plan to keep working with Nestree. Kong also confirmed he invested in Nestree Coin before the company was founded but never made a profit and actually lost money. The situation is now drawing legal attention as South Korean regulators and investors are calling for action. If proven guilty, Kong could face serious consequences, including imprisonment and fines under South Korea’s strict financial and market manipulation laws. Meanwhile, Cube Entertainment's stock price has already taken a hit.

The allegations against Kong Suan highlight the risks associated with cryptocurrency investments and the attention these issues receive in South Korea. The outcome of the case may have significant implications for investors and the industry at large.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Technical Analysis Indicates Potential Trend Reversal for AXS

chest

The weekly AXS/USD chart suggests a potential bullish reversal as the price approaches a critical resistance level.

user avatarTenzin Dorje

Axie Infinity Introduces Major Reward System Overhaul

chest

A significant update to the reward system has been announced by Jeff Zirlin, co-founder of Axie Infinity, transitioning in-game AXS rewards into bAXS to reduce bot farming and reward genuine players.

user avatarAisha Farooq

Axie Infinity Introduces bAXS Tokens to Enhance Player Experience

chest

Axie Infinity has introduced bAXS tokens, backed 1:1 by AXS, to enhance the gaming experience for players and reward real players while reducing bot influence.

user avatarBayarjavkhlan Ganbaatar

China Responds to Trump's Cryptocurrency Comments

chest

Guo Jiakun addressed US President Trump's comments on cryptocurrency and China's involvement.

user avatarDiego Alvarez

Kevin O'Leary Shifts Investment Strategy from Digital Tokens to Physical Infrastructure

chest

Kevin O'Leary announces a strategic pivot towards land acquisition for AI and crypto infrastructure at the World Economic Forum.

user avatarMohamed Farouk

China's Foreign Ministry Highlights Financial Cooperation

chest

Chinese Foreign Ministry Spokesperson Guo Jiakun emphasized China's active role in global financial cooperation and policy coordination.

user avatarElias Mukuru

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.