Crypto Fraud Allegation Hits South Korea's Entertainment Sector

Alleged Crypto Scandal in Korean Entertainment

An alleged cryptocurrency scandal involving a South Korean blockchain platform and high-profile entertainment figures has emerged, sparking widespread concern. South Korea's entertainment world is reeling from reports of a supposed coin fraud, as revealed by The Korean Herald. The blockchain sports platform Winnerz is under scrutiny for allegedly conning and locking investors out of their funds.

Investor Allegations and Celebrity Involvement

Anonymous investors allege that Winnerz issued counterfeit cryptocurrency, securing investments while prohibiting withdrawals. The funds currently withheld from investors remain undisclosed. Furthermore, Winnerz is accused of enlisting celebrities to lend credibility to their cryptocurrency, promising them a stake or commission for attracting additional investment. This follows a similar 2022 situation where celebrities like Kim Kardashian endorsed EthereumMax (EMAX), resulting in SEC intervention.

Responses from Accused Parties

Notable Korean entertainers linked to Winnerz have publically addressed the fraud accusations. Korean comedian Na Sun-uk refuted involvement claims, attributing his presence at Winnerz events to personal connections. Similarly, Youtubers Kim Won-hoon and Cho Jin-se denied any financial ties with Winnerz. However, Oh Byeong-min, a.k.a Oking, acknowledged investing in Winnerz and has since distanced from the company. Winnerz rebuffed all allegations, affirming its transparency and listing of its coin on overseas exchanges.