K-Pop Band BTS’ Management Agency Denies Ties with Army Coin

Hybe, the K-pop management corporation behind the famous music band, BTS, said on Friday that Army Coin has no relationship whatsoever with the K-pop group. Also, according to The Korea Herald, the group is planning to take legal action against Bitget, the cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term that listed such a coin.

The firm argues that the Singapore-based exchange violated portrait rights by using photos of BTS to promote Army Coin without the proper permission. “We have received information that Army Coin has been listed on Bitget, a crypto exchange located in Singapore. However, we have nothing to do with the crypto whatsoever. Including violation of portrait rights, we are currently looking into other legal violations and will take legal action against all infringements,” Hybe commented.

In fact, the management corporation that handles businesses affairs of BTS is concerned about Army Coin’s project because it has been promoting ‘false information’ on group chats, claiming that the coin will make a profit for BTS. “Anyone who suffered a financial loss (after purchasing the coin) should go to the nearest police station or report it to an investigative authority,” Hybe told The Korea Herald.

Since the cryptocurrency was launched, specifically on Wednesday, it managed to skyrocket at a certain point over 5,000%.

Exchange Response

Bitget responded to the accusations and stated that they have no ties with Army Coin nor created it; thus, they will not take any responsibility for the token. “But, we will keep a close eye on the events related to Army Coin. Users should take into account that cryptocurrency is highly volatile and make safe investments,” the Singapore-based crypto exchange said in a statement.

According to reports at the time of press, there is currently no word from the team responsible for the Army Coin project and the manner in which they intend to respond to Hype’s accusations, who are ready to pursue legal action due to the alleged copyright infringement.