The company of the famous Korean group BTS will take legal action against the new cryptocurrency Army Coin after the creators used their image without their consent and want to associate the cryptocurrency with the musical group.
The cryptocurrency ARMY Coin was published on October 25th by Bitget Exchange through their account on the digital platform Twitter. However, the excitement and controversy comes when the same company announces on its website that the new cryptocurrency is related to the BTS and apart from using its image without the approval of the music band.
With this in mind, Hybe, a well-known South Korean entertainment company, decided to take legal action against Bitget Exchange because what it is doing has become an illegal act.
The name of the digital currency itself refers not only to the image of the BTS, but also to the group’s fandom. ARMY is the identifying name of the loyal fans of the Korean band. Although army translates to “army” in Spanish, each acronym has a meaning for the fan club and is Adorable Representative MC for Youth. This identifying name was released by the band themselves shortly after their launch in 2013.
The press release published by HYBE Company stated that – It has currently been confirmed that the coin is recruiting dealers by disseminating false information that the coin was “made to BTS” and existed to maximize BTS ‘revenues. ‘If you have suffered financial damage, report it immediately to an investigation or reporting office, for example the nearest police station. “
In addition, the problem is getting bigger, however, since the company that specializes in cryptocurrencies is based in Singapore, publishes on its website â ????This coin exists in favor of BTS. The goal of ARMY Coin is to look after the members of BTS for a lifetime so that they don’t have to worry about survival, but can do what they want.
In order to clear up the rumors and not let people get carried away by false claims, Hybe said from his web portal: â ????We announce that we have no connection to this cryptocurrency and that it was issued without discussion with us. In addition, it is revealed that the portrait of BTS, which was used to promote the cryptocurrency, was created without consulting Big Hit Music agency. We are currently investigating legal violations, including violations of the artist’s portrait rights, without consulting the company, and will take all legal action against violations and violations.
So far, the Bitget Exchange team has not reported any information about it, unlike the HYBE team, which clarified the situation three days after the news about the new digital currency became known. Even the currency does not appear in the offer area of the exchange’s website.