Hybe, the Kpop management corporation behind BTS, stated Friday that Army Coin had no connection whatsoever with the Kpop group. According to The Korea Herald, the group plans to sue Bitget, the cryptocurrency exchange which listed such a coin.
According to the firm, the Singapore-based exchange used photos of BTS to promote Army Coin without permission. We have been informed that Army Coin was listed on Bitget, a Singapore-based crypto exchange. We have no connection whatsoever with the crypto. Hybe said that we are looking at other legal violations, including the violation of portrait rights. He added that we will pursue legal action against any infringements.
The management corporation of BTS that manages the businesses affairs is concerned over Army Coin’s Project because it has been spreading ‘false info’ via group chats, claiming the coin will be a profit for BTS. Hybe stated to The Korea Herald that anyone who has suffered financial loss after purchasing the coin should report it to an investigating authority or go to the nearest police station.
Bitget replied to the accusations by stating that they had no connection with Army Coin and have not created it. Therefore, they won’t take responsibility for the token. We will be closely monitoring the events surrounding Army Coin. The Singapore-based crypto exchange stated that users should consider the volatility of cryptocurrency and make safe investments.
According to press reports, the Army Coin team has not yet responded to Hype’s allegations. They are prepared to take legal action for copyright violations.