HYBE has released a statement denying any association with the cryptocurrency ARMY COIN and announcing plans to take legal action for violation of portrait rights.
On October 28, HYBE released a statement regarding the newly listed cryptocurrency ARMY COIN on the cryptocurrency exchange Bitget.
Hello, this is HYBE.
Today, we received information that a cryptocurrency called ARMY COIN has been listed on the Singapore-based cryptocurrency exchange Bitget.
The agency has no connection with this cryptocurrency and it was listed without any discussion with us. Furthermore, photos of BTS were used to promote this cryptocurrency without the permission of Big Hit Music.
We are currently looking into the legal violations in this case, including the cryptocurrency’s infringement on our artists’ portrait rights without permission from or discussion with the agency. We will take legal action against all infringements and violations.
Currently, we have confirmed that the cryptocurrency has been sharing false information with traders in group chats such as, “This was made for BTS” and “This exists to maximize BTS’s profits.” We ask that everyone be careful in order to avoid falling victim. If you have been financially victimized, please immediately inform the nearby police or investigation agency.
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