A recent allegation of a crypto scandal has sent shockwaves through the South Korean entertainment industry, implicating an important blockchain platform in the country. Local reports indicate that Winnerz, a Korean blockchain sports platform, is accused of fraud, including running a coin scam and obstructing investors from accessing their funds.
Anonymous investors have stepped forward, alleging that Winnerz issued fake cryptocurrency, amassing investments and preventing investors from withdrawing their funds. The total sum withheld from investors remains undisclosed at this time. Notably, the platform faces accusations of enlisting celebrities to enhance the credibility of its cryptocurrency and lure investors.
Previous precedents and celebrities’ crypto involvement
This isn’t the first instance of celebrities becoming entangled in cryptocurrency promotion. In 2022, a similar case gained attention when notable figures, including reality TV star Kim Kardashian, promoted EthereumMax (EMAX) on social media platforms. Kardashian faced backlash for failing to disclose the paid nature of her promotion, leading to legal repercussions.
Several prominent figures in the Korean entertainment industry, particularly those involved in online entertainment, have been implicated in the scandal. However, individuals like Korean comedian Na Sun-uk and YouTubers Kim Won-hoon and Cho Jin-se have vehemently denied any involvement in Winnerz’s fraudulent activities.
Responses from entertainers
Na Sun-uk clarified his attendance at Winnerz events as mere social gatherings, refuting any business affiliations. Similarly, Kim Won-hoon and Cho Jin-se distanced themselves from any financial or business connections with Winnerz or relevant parties.
On the other hand, YouTuber Oh Byeong-min, known as Oking, admitted to investing in Winnerz. In response to the allegations, Oh Byeong-min announced his decision to withdraw his investment and sever all present and future ties with the controversial company.
Winnerz, in a statement on its website, refuted the fraud allegations, asserting its commitment to transparent business practices. The company emphasized its status as a blockchain technology-based sports platform with online and offline operations. Additionally, Winnerz clarified that its cryptocurrency is listed on overseas exchanges, further asserting its legitimacy.
The allegations of crypto fraud involving Winnerz and its purported involvement of celebrities have cast a shadow over the South Korean entertainment industry. While some individuals deny wrongdoing, others have taken steps to distance themselves from the controversy. Winnerz, meanwhile, maintains its innocence, highlighting its commitment to transparency and legitimacy.
As investigations continue, the implications of this scandal reverberate throughout South Korea’s entertainment landscape, raising questions about the intersection of celebrity endorsement and cryptocurrency investment.
