Hybe, the K-pop management corporation behind the famous music band BTS, said on Friday that Army Coin has no relationship whatsoever with the K-pop group. Also, according to The Korea Herald, the group is planning to take legal actions against Bitget, the cryptocurrency exchange that listed such a coin.
The firm argues that the Singapore-based exchange violated portrait rights by using photos of BTS to promote Army Coin without the proper permission. “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. Including violation of portrait rights, we are currently looking into other legal violations and will take legal action against all infringements,” Hybe commented.
In fact, the management corporation that handles businesses affairs of BTS is concerned about Army Coin’s project because it has been promoting ‘false information’ on group chats, claiming that the 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 told The Korea Herald.
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Since the cryptocurrency was launched, specifically on Wednesday, it managed to skyrocket at a certain point over 5,000%.
Bitget responded to the accusations and stated that they have no ties with Army Coin nor created it; thus, they won’t take any responsibility for the token. “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,” the Singapore-based crypto exchange said in a statement.
According to reports at the time of press, there is currently no word from the team responsible for the Army Coin project and the manner in which they intend to respond to Hype’s accusations, who are ready to pursue legal action due to the alleged copyright infringement.