• 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

Bernstein Analysts Recommend Buying BYD Stock

chest

Bernstein analysts recommend buying BYD stock, highlighting the undervalued battery business and potential for growth.

user avatarMaya Lundqvist

US Marshals Confirm 5755 BTC from Samourai Wallet Will Not Be Sold

chest

The US Marshals Service has denied reports of selling 5755 BTC forfeited by Samourai Wallet developers, confirming the assets will remain in the Strategic Bitcoin Reserve.

user avatarLeo van der Veen

NAP Hash Offers Cloud Mining Solutions Amid Market Uncertainty

chest

NAP Hash offers cloud mining services that enable users to earn passive income while managing market volatility.

user avatarLi Weicheng

Zero Knowledge Proof (ZKP) Emerges as a Game-Changer in Data Sovereignty

chest

Experts predict a significant price explosion for ZKP as it addresses data ownership issues.

user avatarAisha Farooq

New Regulations Provide Clarity for Crypto Payroll Practices

chest

New legislation in the US and Europe is establishing clearer guidelines for the use of digital assets in payroll.

user avatarTenzin Dorje

China's Economic Challenges Persist Amid Tech Boom

chest

China's overall economic outlook remains bleak despite a surge in tech stocks, with shrinking investments and weak consumer spending.

user avatarBayarjavkhlan Ganbaatar

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.