Hybe Labels ‘taking legal action’ against BTS inspired cryptocurrency scam

Hybe Labels is considering legal action against the ongoing spread of a cryptocurrency scam that is utilizing both BTS’s official photographs and even their fandom name to spread word.

Shortly after news of this scam reached Hybe HQ they released an official statement stating, “Hello, this is HYBE. Today, we received information that a cryptocurrency called ARMY COIN has been listed on the Singapore-based cryptocurrency exchange Bitget.”

“The agency has no connection with this cryptocurrency and it was listed without any discussion with us. Furthermore, photos of BTS were used to promote this cryptocurrency without the permission of Big Hit Music.”

“We are currently looking into the legal violations in this case, including the cryptocurrency’s infringement on our artists’ portrait rights without permission from or discussion with the agency. We will take legal action against all infringements and violations.”

Before concluding they also issued a warning to all ARMYs across the world and claimed, “Currently, we have confirmed that the cryptocurrency has been sharing false information with traders in group chats such as, ‘This was made for BTS’ and ‘This exists to maximize BTS’s profits.’ We ask that everyone be careful in order to avoid falling victim. If you have been financially victimized, please immediately inform the nearby police or investigation agency.”