HYBE to Take Legal Action Against 'ARMY COIN' + Warns Fans to Take Precaution Against Scam
HYBE Labels announced that there is no connection between BTS and the so-called "ARMY COIN."
Read on to learn more.
HYBE Labels Speaks Out on BTS' Connection with 'ARMY COIN'
On October 28, on HYBE Labels' official website, the company confirmed that "ARMY COIN" will be listed on the "Bitget Exchange," a coin exchange assumed to be in Singapore through media inquiries and some reports.
They also emphasized that there is no relationship with the cryptocurrency and it was issued without any discussion with the agency.
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HYBE also revealed that they are investigating some legal violations, including the infringement of the boy band's portrait rights. They assured that they will proceed with all of the legal actions for infringements and violations.
Furthermore, it is confirmed that the cryptocurrency coin is made for BTS and it exists to push BTS' profits even more. It has been seen in some group chat rooms that the makers are recruiting traders.
Prior to this, ARMY COIN has been listed on the BitGet exchange online, and rumors are spreading that the coin was created for BTS.
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The agency also asked ARMYs that if ever they suffered financial damage because of the cryptocurrency, they should immediately report it to the police.
Below is HYBE Labels' official statement about the cryptocurrency "ARMY COIN."
Hello, this is HYBE.
Earlier on this day, HYBE Labels received reports that a Singapore-based bitcoin exchange platform, or BitGet, called 'ARMY COIN' recently listed an IPO.
We would like to clarify that HYBE Labels has no connection to this bitcoin exchange platform whatsoever, and this platform's actions occurred with no prior negotiation from our side. Furthermore, the image of BTS which was used to promote this platform also occurred without permission from Big Hit Music.
Currently, HYBE Labels is looking into the infringement of portrait rights committed by this bitcoin exchange platform without consent, and once we have confirmed all illegalities, we plan on initiating legal action.
It's also been revealed that this exchange platform has spread false information such as that 'It was created for BTS' or 'It is a platform to maximize BTS's profits', securing buyers with such advertisements; therefore, we ask that you take precaution as to prevent anyone from incurring damages.
If you believe you have been scammed, please report your case to your local police for investigation.
Formerly, different media outlets have reported that a bitcoin exchange platform named "ARMY COIN" experienced a major increase in market value after its IPO last October 27, after the promotion that it is related to BTS.
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Annie Barmaine reported this.
