ARMY at risk? HYBE LABELS comes to rescue of BTS fans in connection with a cryptocurrency fraud
On October 28, HYBE released a statement denying their connection with a cryptocurrency that was named ARMY COIN, hinting towards an association with BTS by using their fandom name. The said cryptocurrency was recently listed on Bitget Exchange and has come to the attention of fans who were duped under the pretext of it being used for the benefit of the South Korean boy group. This has come after multiple people also brought the issue to the label’s notice.
The statement from HYBE LABELS reads,
“Hello, this is HYBE.
Through media inquiries and reports today, we have confirmed that 'ARMY COIN' has been listed on the 'Bitget Exchange', a coin exchange presumed to be located in Singapore.
We have no affiliation with this cryptocurrency and that it was listed without any discussion with us. In addition, photos of BTS were used to promote the cryptocurrency without any consultation with their agency BIGHIT MUSIC.
We are currently looking at legal violations, including the infringing of the artist's portrait rights, without consulting the company, and we will take all legal action against infringements and violations.
Currently, it has been confirmed that the cryptocurrency has been recruiting traders by distributing false information that the coin is 'made for BTS' and 'exists to maximize BTS’ profits'. If you have suffered financial damage, immediately report it to the nearest police station or to an investigation agency.”
In this way, the fans have been cautioned about the illegal usage of the boy group’s name and images without the notice of the artist or their agency and a possible illegal activity that might be in action.
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