Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
K-pop artists Choi Si-won and Cho Hyun-young have refuted claims regarding their involvement in endorsing alleged South Korean “scam coins.”
Their rebuttals arise amid ongoing disputes and doubts related to the blockchain-based sports platform Winnerz.
An increasing number of prominent South Korean YouTubers and celebrities have been associated with the controversy since anonymous cryptocurrency investors accused Winnerz of operating a “multi-level fraud” scheme.
K-pop Stars Assert They Have ‘No Connection’ With Crypto ‘Fraudsters’
Choi Si-won, known simply as Siwon, is a member of the successful K-pop group Super Junior.
Cho Hyun-young, recognized mononymously as Hyunyoung, is a former member of the all-female K-pop ensemble Rainbow.
In recent years, both Choi and Cho have transitioned into YouTubers, gathering over half a million and 278,000 subscribers respectively. In a community post on her YouTube channel, Cho stated:
“I have nothing to do with the current controversy related to […] Winnerz Coin.”
Cho Hyun-young in the music video for the Rainbow single “Whoo” in 2016. (Source: Rainbow/DSP Media/YouTube)
Numerous celebrities, including World Cup semi-finalist soccer player Lee Chun-soo and several of South Korea’s most renowned YouTube and social media influencers, have been implicated in the Winnerz-related controversy this month.
However, it seems that the accusations against Cho and Choi pertain to another alleged “scam coin” called The Youth Pay (TYP).
What Is ‘The Youth Pay’ Coin?
The Youth Pay is an Ethereum-based cryptocurrency developed by an organization identifying itself as the Korea Youth Commission.
The organizers assert that the coin is intended to support a youth-related policy aimed at the government and the South Korean National Assembly.
The Korea Youth Committee presented both Choi Si-won and Cho with certificates in 2022, raising questions about whether they or other K-pop artists were compensated to promote TYP.
Cho Hyun-young in a video on her YouTube channel in 2023. (Source: Just Hyunyoung/YouTube)
The creators launched the token in March 2022, seemingly aiming to position it as a payment platform similar to the widely used Seoul government-operated ZeroPay e-payment solution.
The organizers succeeded in obtaining an overseas cryptocurrency exchange listing for The Youth Pay, but its value has since fallen to zero.
Photos Link Star to Case?
Several investors have alleged that The Youth Pay is a rug-pull type “scam,” and it is believed that police investigators have initiated an inquiry.
Recent photos of Cho with an individual associated with the TYP coin have surfaced, prompting many to question her connection to the token.
Related Posts
The Youth Pay (TYP) prices since the token’s launch in March 2022. (Source: CoinCarp)
Alleged ‘Scam Coin’ Projects Linked?
At this point, it remains uncertain whether the scam coins associated with Winnerz and the Youth Pay project are linked.
Nonetheless, police in Gimpo made two arrests this week in connection with suspected scam coin cases.
The authorities appear to have apprehended the mastermind behind a soccer-themed token called Golden Goal (GDG).
Members of the South Korean crypto community assert that an individual named Choi Seung-jung is the mastermind behind the GDG project.
Choi Seung-jung is also believed to have connections to Winnerz. The company has denied claims that the Winnerz token WNZ is a scam coin.
Winnerz stated that WNZ is currently “in the process” of obtaining a domestic exchange listing.
K-Pop Stars Deny Claims: Super Junior Singer Says He Did Nothing Wrong
Choi Si-won, for his part, utilized his Community tab on YouTube to express, in both Korean and English:
“I wish to express explicitly that I have no involvement [in] the controversy surrounding the Korea Youth Committee’s [The] Youth Pay. I have never been appointed as an ambassador for the Korea Youth Committee’s [The] Youth Pay.”
#SuperJunior’s #ChoiSiwon Denies Allegations Of Involvement In Coin Fraudhttps://t.co/jryMAM3gL1 pic.twitter.com/ZmatsDzJGj
— Soompi (@soompi) February 13, 2024
The Super Junior member acknowledged that he had “received an award at a ceremony organized by the Korea Youth Committee.”
However, he clarified that this “was in recognition of setting a good example for the youth.”
The award, he noted, was “unrelated to the current controversy,” and he asserted that he had “no involvement in the Korea Youth Committee’s Youth Pay or any individual’s political activities.”
Super Junior performing on stage in 2015. (Source: mduangdara [CC BY-SA 2.0])
Cho, on the other hand, acknowledged that she had been appointed as an ambassador for the Korea Youth Committee. However, she stated that she had “never promoted The Youth Pay.”
She also asserted that she had no connection with the TYP official she was photographed with.
The singer explained that she had simply posed for a photo with the individual because she is a “friendly person” who had responded to the individual’s “request.” The star wrote:
“As the articles and photos in question are causing controversy and suspicion about me, I am preparing a criminal complaint against the officials of the Korea Youth Committee. I am taking the advice of a lawyer on this matter. […] I have never participated in […] coin fraud.”
In 2021, Cho portrayed the leader of a “white hat” hacking group in the film Twenty Hacker, which narrates the story of a significant data breach at a domestic crypto exchange.
The post K-pop Stars Choi Si-won, Cho Hyun-young Deny South Korean ‘Scam Coin’ Involvement appeared first on Cryptonews.
