• 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

Hyperliquid's Growth Reflects Industry Transformation and Regulatory Attention

chest

Hyperliquid's recent performance has sparked discussions among crypto enthusiasts and experts, reflecting a significant shift in market dynamics within the decentralized finance sector.

user avatarMaria Gutierrez

China's Bitcoin Mining Activity Resurges Despite Ban

chest

Bitcoin mining activity in China is recovering, driven by cheap electricity and datacenter expansions in power-heavy regions.

user avatarDavid Robinson

Memecoin Trading Drives Unprecedented Growth in DEX Market Share

chest

Memecoin trading has led to a record 37.4% market share for decentralized exchanges (DEXs) in June, indicating a shift in investor preferences towards these platforms.

user avatarJacob Williams

PancakeSwap's Role in DEX Growth Amid Memecoin Trading Boom

chest

PancakeSwap's integration with Binance Alpha significantly boosted trading volume, showcasing the impact of strategic partnerships on DEX adoption.

user avatarAndrew Smith

Glassnode Reports Sharp Decline in Bitcoin Liquidity Amid Market Downturn

chest

Onchain analytics firm Glassnode reports a significant decrease in longterm Bitcoin liquidity following a market downturn, indicating potential for a deeper bear market.

user avatarZainab Kamara

Solana Dominates with 40% DEX Trading Share

chest

Solana emerged as a major player in the DEX market, capturing nearly 40% of trading volume driven by memecoin activity.

user avatarSon Min-ho

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.