Singapore’s financial regulators have suspended Bitget, a fast-growing crypto exchange platform, after listing and promoting the digital currency Army Coin. Named after the powerful fans of the biggest boy group in the world–BTS, Bitget intended to use these coins to provide “lifetime financial support for BTS”.
However, on October 29, Hybe–the corporation behind BTS, released a statement denying the band’s connection to the cryptocurrency.
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.
Hybe also stressed that it will take legal action against the cryptocurrency exchange for violating the artists’ portrait rights. Bitget used the members’ photos without getting permission from BigHit Music. They also warned the general public to be careful to avoid becoming victims.
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.
Furthermore, Bitget, sponsor of the Italian football team Juventus, has removed the Monetary Authority of Singapore (MAS) logo from their website after being contacted by the Financial Times. They also have blocked Singapore users from accessing the site or app.
In addition, when the coin was initially released, the price went up by 5000% but eventually dropped in November.