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K-pop Stars Deny Allegations in Crypto Scam Coin Controversy
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.
Background
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’ Denials
Choi Si-won, also known mononymously as Siwon, is a member of the chart-topping K-pop group Super Junior. Cho Hyun-young, also known mononymously as Hyunyoung, is a former member of the all-female K-pop group Rainbow. In recent years, both Choi and Cho have become YouTubers, amassing over half a million and 278,000 subscribers respectively. In a community post on her YouTube page, Cho wrote: “I have nothing to do with the current controversy related to […] Winnerz Coin.”
The Youth Pay Coin
The Youth Pay is an Ethereum-based coin and is the brainchild of an organization that calls itself the Korea Youth Commission. Its organizers claim that the coin is a tool created to help promote a youth-related policy to the government and the South Korean National Assembly. The Korea Youth Committee awarded both Choi Si-won and Cho with certificates in 2022, a fact that has caused many to question if they or other K-pop stars were paid to promote TYP.
Alleged ‘Scam Coin’ Projects Linked
Photos have emerged of Cho with an individual linked to the TYP coin in the past few days, causing many to question her relationship with the token. It is unclear at this stage if Winnerz-linked scam coins and the Youth Pay project are connected. However, police in the city of Gimpo made two arrests in conjunction with suspected scam coins cases this week. The officers appear to have arrested the mastermind of a soccer-themed token named Golden Goal (GDG). South Korean crypto community members claim that an individual named Choi Seung-jung masterminded the GDG project. Choi Seung-jung is also thought to have links to Winnerz. The firm has denied allegations that the Winnerz token WNZ is a scam coin.
Denial and Legal Action
Choi Si-won took to his Community tab on YouTube to write, both in 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.” The Super Junior member said that it was true that he had “received an award at a ceremony organized by the Korea Youth Committee.” However, he said this “was in recognition of setting a good example for the youth.” Cho, however, admitted that she had been appointed a Korea Youth Committee ambassador. But she said that she had “never promoted The Youth Pay.” She also claimed that she had no relationship with the TYP official she was photographed with. 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.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
