{"id":20197,"date":"2025-01-10T13:31:26","date_gmt":"2025-01-10T11:31:26","guid":{"rendered":"https:\/\/forklog.com\/en\/south-korean-entertainment-executive-accused-of-crypto-scam\/"},"modified":"2025-01-10T13:31:26","modified_gmt":"2025-01-10T11:31:26","slug":"south-korean-entertainment-executive-accused-of-crypto-scam","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/south-korean-entertainment-executive-accused-of-crypto-scam\/","title":{"rendered":"South Korean entertainment executive accused of crypto scam"},"content":{"rendered":"<p><span data-descr=\"Kang Seung-kon\" class=\"old_tooltip\">Kang Seung-kon<\/span>, a director at major South Korean production house Cube Entertainment, is suspected of deceiving crypto investors, according to local outlet <a href=\"https:\/\/marketinsight.hankyung.com\/article\/202501095894r\">Hankyung<\/a>.<\/p>\n<p>According to unnamed sources, he urged acquaintances and colleagues to invest in the Nestree (EGG) cryptocurrency issued by blockchain project Nestree Media Group. Kang also allegedly guaranteed the return of capital.<\/p>\n<p>In March 2022, Cube Entertainment invested 100 million won in the project (about $80,000 at the time). On the news of the investment, Nestree\u2019s price rose tenfold within a month\u2014from 5 to 50 won (from $0.0034 to $0.034).<\/p>\n<p>By the end of 2022, the token\u2019s price had fallen back to around five won. Investors demanded compensation. In response, Kang said he had never guaranteed profits and proposed alternative investments that \u201cwould help recoup\u201d the unsuccessful bets.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cKang recommended investing in early 2022, saying \u2018I guarantee a return of capital, so trust me and buy.\u2019 People in the securities industry, Cube Entertainment officials and private moneylenders believed his words and rushed to invest in Nestree,\u201d said one of the victims.<\/p>\n<\/blockquote>\n<p>Angry investors intend to hold the entrepreneur accountable in court.<\/p>\n<p>At the time of writing, Nestree is trading at $0.0032 with a market capitalisation of about $9.2 million.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXcaa3AWUoknd3DUbbFon470oQ3SeIh8z4wCmeBgr5lD8wzgG1OScSnYcIOfI0RE0dH8eJ8ue0oeS3eKGy3CcnzzG7q3Br4VrS5Cp1fCXq9KwehpKvtte2geB7p3LK5MknoShl1LYw?key=2W8cYxURi9-_madR944nR5s6\" alt=\"South Korean entertainment executive accused of crypto scam\"\/><figcaption class=\"wp-element-caption\">EGG\/USD price chart from CoinMarketCap. Data: <a href=\"https:\/\/coinmarketcap.com\/currencies\/nestree\/\">CoinMarketCap<\/a>.<\/figcaption><\/figure>\n<p>Cube Entertainment\u2019s share price on South Korea\u2019s Kosdaq has so far <a href=\"https:\/\/www.google.com\/finance\/quote\/182360:KOSDAQ?sa=X&#038;ved=2ahUKEwj1zLXV6uqKAxXFGhAIHfWOJswQ3ecFegQIPxAX&#038;window=6M\">shown<\/a> little reaction to the news.<\/p>\n<p>In December, the founder of the Mira charity memecoin was <a href=\"https:\/\/forklog.com\/en\/news\/founder-of-charity-meme-coin-mira-accused-of-fraud\">suspected<\/a> of fraud.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kang Seung-kon, a director at major South Korean production house Cube Entertainment, is suspected of deceiving crypto investors, according to local outlet Hankyung. According to unnamed sources, he urged acquaintances and colleagues to invest in the Nestree (EGG) cryptocurrency issued by blockchain project Nestree Media Group. Kang also allegedly guaranteed the return of capital. In [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20196,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,1246,974],"class_list":["post-20197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-scammers","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"57","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=20197"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/20196"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=20197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=20197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=20197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}