• 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

Galaxy Digital Executes Massive Bitcoin Deposit to Coinbase

chest

Galaxy Digital has deposited 1,474 BTC, valued at approximately $130 million, to Coinbase Prime, marking one of the largest institutional Bitcoin transactions of the year.

user avatarNguyen Van Long

BullZilla: Culture-Driven Growth

chest

BullZilla focuses on community culture and branding, appealing to modern Web3 communities.

user avatarEmily Carter

La Culex: Narrative-Driven Blockchain Identity

chest

La Culex offers a story-rich ecosystem that enhances user engagement and community activity.

user avatarFilippo Romano

MoonBull: A Strong Contender for Investors

chest

MoonBull's governance model allows token holders to influence project decisions, making it an attractive option for investors this month.

user avatarTomas Novak

Analysts Predict Short-Term Rebound for Bitcoin

chest

Analysts foresee a potential short-term recovery for Bitcoin, suggesting that consolidation above 100,000 could lead to a rebound.

user avatarKaterina Papadopoulou

OTC Desks Report Highest Bitcoin Balances Since August

chest

OTC Bitcoin desks, including major players like Coinbase and Kraken, reported their highest BTC balances since August 2025, indicating a strategic pause in institutional accumulation.

user avatarMaya Lundqvist

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.