Cube Entertainment CEO Kang Seung Gon* is currently under fire for involvement in an alleged cryptocurrency scam coin called Nestree.
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Kang Seung Gon, the co-CEO of CUBE Entertainment and also co-CEO of VT is currently embroiled in a crypto coin scandal. According to The Korean Economic Daily, Kang encouraged his peers to invest into crypto coin Nestree (EGG) guaranteeing they would make back their money. These individuals gave Kang their trust and invested in millions of won into the coin but it appears the coin has fallen drastically. Kang himself is shared to have invested a 40% stake in March 2022 for about 100 million won, the funds of the coin were part of the blockchain tech company, Nestree Media Group. Following news of CUBE making an investment into the cryptocurrency, Nestree has increased multiple times in a single month during 2022, going from 5 won a month before investment to 50 won a month after (near 60), but has now fallen to back to just under 5 won per share (0.0007 USD).
One individual, who had made an investment of 80 million won (~$55K USD) has lost more than 70 million won in this cryptocurrency scam. When he had approached Kang on earning back the initial investment, Kang stated that no promise was ever made. Kang has said he has never made any promises to investors on returning their initial investments stating the claims are groundless. Kang states he is also a victim too as he has lost money in the investment.
The CEO is responded to the suspicions, saying that the claims are “completely groundless” and that he never recommended an investment in crypto with the condition of guaranteeing the initial investment. Kang denied any notions of profiting off this coin, saying he has only suffered losses himself. He also said the investment is part of Cube’s expansion into blockchain and they plan to continue collaborations in the future.
Note: Thanks to balloon_wanted for help with translating this.
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I guess with the trend of all these K-pop company CEOs desperately wanting to cosplay as their hero tech bros, things would inevitably end up here. In reality though, these types of allegations also place him up there with illustrious figures like the Hawk Tuah girl. Poor (G)I-DLE.
Since K-pop companies are big business now, I suppose it was inevitable that they either get taken over by these types or get entranced/trapped by line-go-up thinking, but it really does feel shitty that seemingly none of them are content with just literally running a music business correctly. You know, what made you rich to begin with. Crazy thought.
Feel free to monitor the coin’s worth here.
*Moar lyke Kang Seung Gon … deez nutz, amirite? Folks…
