• 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

10 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.

chest

Other news

Binance Hosts Second VIP Community AMA Focusing on AI Integration

chest

Binance held its second VIP Community AMA on June 19, 2025, focusing on updates to the VIP Program and AI tool integration.

user avatarAyman Ben Youssef

Bullish Indicators Amidst Market Weakness

chest

Bullish indicators amidst market weakness suggest potential recovery.

user avatarKofi Adjeman

Scott Bessent's Surprise Appearance at Bitcoin Bar Launch Ignites Community Excitement

chest

Scott Bessent's unexpected appearance at the launch of Pubkey DC has sparked excitement in the Bitcoin community.

user avatarTando Nkube

Concerns Raised Over Centralized AI Systems Following Grok's Claims

chest

Experts express concerns about the dangers of centralized AI systems following Grok's claims about Elon Musk.

user avatarNguyen Van Long

SharpLink Gaming's Wallet Activity Raises Eyebrows in Ethereum Market

chest

Unusual onchain activity involving a wallet linked to SharpLink Gaming has raised speculation in the Ethereum market.

user avatarSatoshi Nakamura

Liquid Capital Implements Spot Buying Strategy for Ethereum

chest

Yi Lihua, founder of Liquid Capital, announces a spot buying strategy for Ethereum amid market volatility, emphasizing transparency and risk management.

user avatarJesper Sørensen

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.