Asian Junkie Asian pop. Without discretion.
CUBE Entertainment CEO Kang Seung Gon* is currently under fire for involvement in an alleged cryptocurrency scamcoin called Nestree.
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Kang Seung Gon, the co-CEO of CUBE Entertainment and also the co-CEO of VT is currently embroiled in a crypto coin scandal. According to The Korea Economic Daily, Kang encouraged his peers to invest into crypto coin Nestree (EGG), guaranteeing they would make back their money. These individuals gave Kang their trust and invested in millions of won into the coin, but the coin’s value fell drastically soon after.
Kang bought a 40% stake in the blockchain tech company Nestree Media Group in March 2022 for about 100 million won. The company runs an online shopping mall that allows people to use Nestree, and is also involved in the NFT business. Following news of CUBE making an investment, Nestree increased multiple times in a single month during 2022, going from 5 won a month before investment to 50 won a month after (near 60), but it has now fallen to back to just under 5 won per share ($0.0007).
One individual, who had made an investment of 80 million won (~$55K USD), says they lost more than 70 million won in this cryptocurrency scam and knows others who invested as well. When he approached Kang about the initial investment guarantee, Kang stated that no promise was ever made.
The CEO has responded to the claims, saying that they are “completely groundless” and that he never recommended an investment in crypto with the condition of guaranteeing the initial investment. Kang has denied any notions of profiting off this coin, saying he has only suffered losses himself. He also mentioned that the investment is part of CUBE’s expansion into the blockchain market and that they plan to continue collaborations in the future.
Note: Thanks to balloon_wanted for the help in translating this.
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I guess with the trend of all these K-pop company CEOs desperately wanting to cosplay as their hero tech bros, things would inevitably end up here. In reality though, these types of allegations also place him up there with illustrious figures like the Hawk Tuah Girl. Poor (G)I-DLE.
Since K-pop companies are big business now, I suppose it was inevitable that they either get taken over by these types or the founders get entranced/trapped by line-go-up thinking, but it really does feel shitty that seemingly none of them are content to literally just run a music business correctly. You know, what made the companies relevant to begin with. Crazy thought.
Anyway, feel free to monitor the coin’s worth here.
*Moar lyke Kang Seung Gon … deez nutz, amirite? Folks…
