SEOUL (THE KOREA HERALD/ASIA NEWS NETWORK) - Hybe, the K-pop corporation behind BTS, released a statement Friday (Oct 29) that it has nothing to do with a cryptocurrency called Army Coin and warned it take legal action against the crypto exchange for violating portrait rights.
"We have received information that Army Coin has been listed on Bitget, a crypto exchange located in Singapore. However, we have nothing to do with the crypto whatsoever," Hybe said in a statement.
Hybe stressed that the crypto agency has used BTS photos to promote Army Coin without permission from the company.
"Including violation of portrait rights, we are currently looking into other legal violations and will take legal action against all infringements," the company said.
Hybe warned some have been spreading false information on group chatting apps saying that Army Coin will make a profit for BTS.
"Anyone who suffered a financial loss (after purchasing the coin) should go to the nearest police station or report it to an investigative authority," Hybe added.
Bitget has promoted the Army Coin, saying it was created to give lifetime-support to BTS so that the boy band members could focus entirely on making music and other art for the rest of their lives.
On Wednesday, when the coin was listed, the price surged more than 5,000 percent at one point.
In reaction to Hybe's warning, Bitget announced Friday that since it is a trading platform and did not create the coin itself, it will not take any responsibility for the listed Army Coin.
"But we will Keep a close eye on the events related to Army Coin. Users should take into account that cryptocurrency is highly volatile and make safe investments," Bitget said.