• 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

8 months 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.

Other news

Cardano (ADA) Forms Bull Flag with Breakout Target

chest

Cardano (ADA) has confirmed a bull flag, with $1.39 identified as a key level for potential upward movement.

user avatarGiorgi Kostiuk

Shiba Inu and Remittix: The Future of Cryptocurrency in 2025

chest

An Overview of Current Trends in the Cryptocurrency World: Shiba Inu and Remittix Capture Investors' Attention in 2025.

user avatarGiorgi Kostiuk

Showcasing AI Startups at Y Combinator Demo Day

chest

The Y Combinator Summer 2025 Demo Day unveiled new AI startups emphasizing technological evolution.

user avatarGiorgi Kostiuk

Tentative SEC and Gemini Settlement: A Key Step in Crypto Regulation

chest

SEC and Gemini reached a settlement to resolve a lawsuit over unregistered securities sales, potentially improving regulation in the crypto industry.

user avatarGiorgi Kostiuk

XRP Sees Explosive Trading Volume Increase Fueled by ETF Talks

chest

XRP experiences a 300% trading volume spike due to ETF approval anticipation, potentially attracting institutional investments.

user avatarGiorgi Kostiuk

Launch of New PAC with $100 Million Fund to Support Crypto Candidates

chest

A new PAC with a $100 million fund aims to support candidates in the U.S. promoting pro-innovation crypto initiatives.

user avatarGiorgi Kostiuk

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.