K-pop Stars Say They Have ‘No Connection’ With Crypto ‘Fraudsters’
K-pop stars Choi Si-won and Cho Hyun-young have denied allegations that they were involved in promoting so-called South Korean “scam coins.” Their denials come amid ongoing controversy and suspicions surrounding the blockchain-powered sports platform Winnerz. A growing number of top-level South Korean YouTubers and celebrities have been linked to the controversy since anonymous crypto investors accused Winnerz of running a “multi-level fraud” scheme.
K-pop Stars Involved in the Controversy
Choi Si-won, also known as Siwon, is a member of the chart-topping K-pop group Super Junior. Cho Hyun-young, also known as Hyunyoung, is a former member of the all-female K-pop group Rainbow. In recent years, both Choi and Cho have become YouTubers with a significant following. However, they have vehemently denied any involvement in the controversy surrounding Winnerz Coin.
In a community post on her YouTube page, Cho wrote: “I have nothing to do with the current controversy related to Winnerz Coin.”
Scores of celebrities, including World Cup semi-finalist soccer star Lee Chun-soo and popular South Korean YouTube and social media influencers, have also been implicated in the Winnerz-related controversy.
What Is ‘The Youth Pay’ Coin?
The Youth Pay is an Ethereum-based coin created by an organization called the Korea Youth Commission. The coin aims to promote youth-related policies to the government and the South Korean National Assembly. Choi Si-won and Cho Hyun-young were awarded certificates by the Korea Youth Committee in 2022, leading to speculation that they were paid to promote The Youth Pay.
The organizers launched The Youth Pay token in March 2022, marketing it as a payment platform similar to the popular Seoul government-run ZeroPay e-payments solution. However, the value of The Youth Pay has since plummeted to zero.
Photos Raise Questions
Multiple investors have labeled The Youth Pay as a “scam” coin, prompting police investigators to launch a probe. Photos of Cho Hyun-young with an individual linked to The Youth Pay have surfaced, raising questions about her involvement with the token.
Alleged ‘Scam Coin’ Projects Linked?
It is unclear at this stage if the scam coins linked to Winnerz and The Youth Pay project are connected. However, police in Gimpo have made two arrests in conjunction with suspected scam coin cases. They have apprehended the mastermind behind a soccer-themed token called Golden Goal (GDG), which is believed to be connected to Winnerz.
Winnerz has denied allegations that its token WNZ is a scam coin and stated that it is in the process of gaining a domestic exchange listing.
K-Pop Stars Deny Claims: Super Junior Singer Says He Did Nothing Wrong
Choi Si-won took to his Community tab on YouTube to address the allegations. He explicitly denied any involvement in the controversy surrounding The Youth Pay and stated that he has never been appointed as an ambassador for the Korea Youth Committee’s Youth Pay.
Although Choi received an award from the Korea Youth Committee, he clarified that it was unrelated to the current controversy. He emphasized that he has no involvement in The Youth Pay or any individual’s political activities.
Cho Hyun-young admitted that she had been appointed a Korea Youth Committee ambassador but denied promoting The Youth Pay. She claimed that she had no relationship with the individual she was photographed with and stated her intention to file a criminal complaint against the officials of the Korea Youth Committee.
In conclusion, K-pop stars Choi Si-won and Cho Hyun-young have firmly denied any involvement in promoting scam coins. The controversy surrounding Winnerz and The Youth Pay continues to unfold, with police investigations underway. As more details emerge, it remains to be seen how this will impact the reputation of these K-pop stars and their careers.
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