Allegations of cryptocurrency fraud are surfacing against various South Korean celebrities and YouTube influencers. These accusations involve their alleged involvement in a scheme orchestrated by Winnerz, a Korean blockchain sports platform. The controversy revolves around claims of issuing fake cryptocurrency and manipulating investors.

The Allegations Against Winnerz

Winnerz, the focal point of the accusations, stands accused of running a coin scam, allegedly refusing to return investments to its stakeholders. The total amount withheld remains undisclosed, leaving investors in uncertainty. The modus operandi purportedly involves enlisting celebrities to lend credibility to the cryptocurrency, attracting investments under false pretences.

Suspected Scam Coin Operator Arrested

Authorities in Gimpo, South Korea, have apprehended an individual in their 20s, identified as the CEO of a cryptoasset-related company, on charges of fraud. The individual, known as "A" in local media, stands accused of defrauding approximately 30 investors of over $2.25 million by enticing them to invest in a token that was never listed on domestic exchanges. Despite police efforts last year, a recent bid for arrest was successful, likely influenced by increasing scrutiny and statements from former national team soccer player Lee Chun-soo, who revealed that his images were used without permission to promote one of the questionable projects.

South Korean netizens have accused A of being Choi Seung-jung, an individual who appears to be affiliated with Winnerz. Choi is believed to have masterminded the GDG project, adding another layer to the ongoing investigation surrounding the connections between fraudulent schemes and the cryptocurrency space in South Korea.

Lee Chun-soo's Cryptocurrency Controversy

Lee Chun-soo (Source: Lee Chun-soo/Youtube)

Former national team soccer player Lee Chun-soo has been entangled in the controversy surrounding the promotion of a questionable cryptocurrency project. Lee admitted to having discussions with executives of the Golden Goal (GDG) coin about a potential collaboration involving non-fungible tokens (NFTs) in 2021. However, Lee stated that his images were subsequently used without his permission to promote the project, leading to investor confusion and allegations of fraudulent activity. This revelation added to the mounting scrutiny over so-called "scam coin" projects like Winnerz, implicating individuals associated with these ventures in potentially deceptive practices.

Lee Chun-soo shared on Youtube about his encounter with GDG Company back in 2021. (Source: Lee Chun-soo/Youtube)

The Involvement of Celebrities

Multiple South Korean celebrities and popular YouTubers have been embroiled in allegations of cryptocurrency fraud, particularly regarding their involvement with Winnerz, a blockchain sports platform accused of running a coin scam. Among those implicated are Korean comedian Na Sun-uk, who denied any affiliation with Winnerz, stating his attendance at events was solely due to personal connections.

Korean comedian Na Sun-uk (Source: Newsis)

Additionally, Kim Won-hoon and Cho Jin-se of the YouTube channel Shortbox refuted accusations of involvement in the fraud, clarifying no business or financial dealings occurred with relevant parties.

Left to right: Cho Jin-se and Kim Won-hoon of popular YouTube channel, Shortbox (Source: newsdirectory3)

Shortbox clarifying on Youtube regarding the controversy. (Source: Shortbox/Youtube)

YouTube Influencers' Confessions

On the other hand, YouTuber Oh Byeong-min, popularly known as Oking, admits to investing in Winnerz. Despite being listed as a director on the Winnerz website, he declares intentions to withdraw his investment and cease collaboration with the company.

Oh posted a video on his Youtube channel, addressing on the allegations against him:

Winnerz' Response

In response to the mounting allegations, Winnerz asserts its legitimacy as a blockchain technology-based sports platform. The company avows transparency in its operations and claims to have achieved its business goals within disclosed timelines. Additionally, Winnerz coins are purportedly listed on overseas exchanges.

WNZ Coin: A Controversial Digital Asset

WNZ coin, associated with Winnerz, has been embroiled in controversy amid allegations of fraudulent activities. Winnerz, the firm behind WNZ, operates various sports ventures and blockchain-related operations. Despite being listed on overseas exchanges, Winnerz has faced accusations of involvement in "scam coin" projects, including GDG, where investors were allegedly defrauded of significant amounts. The WNZ coin itself has come under scrutiny, with South Korean authorities investigating its connection to suspicious activities and its alleged affiliation with individuals accused of fraudulent schemes. As regulatory scrutiny intensifies, investors are cautioned about the risks associated with WNZ and its associated projects.

Reflections on Celebrity Endorsements

The use of celebrities to promote fraudulent projects is widespread, with figures like Kim Kardashian and Floyd Mayweather facing legal consequences. In the Winnerz case, it highlights the need for caution and due diligence in cryptocurrency investments. While some have distanced themselves, others face legal repercussions, emphasising the importance of transparency and regulatory oversight in the crypto space.

PSY's NFT Ticket Sales Under Investigation

In a recent case, the South Korean Fair Trade Commission (FTC) investigated PSY's NFT ticket sales for his 2023 concert and Major League Baseball (MLB)'s exclusive ticket offerings through Coupang Wow in March 2024, suspecting violations of the Platform Competition Act. PSY, P Nation, Coupang, and MLB faced potential administrative sanctions or fines if found guilty.

PSY, a KPOP singer known for the song “Gangnam Style” (Source: Yahoo)

Navigating Cryptocurrency Fraud: Lessons Learned

The recent wave of fraud allegations involving Winnerz and the entanglement of celebrities and influencers emphasises the importance of diligence and caution in cryptocurrency investments. It serves as a stark reminder of the risks inherent in the crypto landscape, urging investors to thoroughly research and verify the legitimacy of projects before participating. As regulatory bodies step up scrutiny, stakeholders must remain vigilant to safeguard against potential scams and protect their investments. Ultimately, these events highlight the need for transparency and accountability within the cryptocurrency industry to foster trust and ensure the integrity of digital asset markets.

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Original message from Lee Cheon-soo:

안녕하세요 이천수입니다

최근 인터넷에서 발생한 논란에 대해 입장을 밝힙니다

먼저 현재 논란이 되고 있는 2021년 8월에 발행되었던 이천수 축구화 NFT에 관련 된 부분에 대해서 말씀 드리자면

2021년 4월경, 당시에 지인으로부터 축구선수출신이라는 후배를 소개 받았습니다.

그 이후에 몇 차례 미팅을 통해 GDG 회사에 대한 소개를 들었고, 이 회사의 사업방향은 축구 유소년 대회 개최 등을 NFT와 결합하여 진행하는 사업이라 설명을 들었습니다.

미팅 과정에서 GDG(골든골)에서 이천수 축구화를 NFT상품으로 발행하자는 제안을 받았고, 경매를 하거나 사고 파는 것이 아닌 이벤트성으로.

추첨을 통해서 지급 되는 것이라고하여 그 이벤트에 한해서만 초상권을 쓸 수 있게 해주었으며, 실제로 추첨을 통해 지급 된 것으로 알고 있습니다.

그 후 21년 9월경에 GDG 회사의 홈페이지와 인스타에 저와 GDG회사가 협업을 맺은것으로 홍보가 되고 있는 것을

보고, 협의 되지 않은 내용을 무단으로 사용한 GDG회사에 저와 관련된 모든 내용들을 다 내려달라고 항의 했었고,

GDG쪽에서는 이 문제를 받아들이고서 모든 게시물을 다 내린 후 이후로 그 회사와 그 어떤 비지니스 협업을 하지 않았습니다.

따라서, 최근 얘기가 나오고 있는 GDG와 관련해서 위의 내용 외에는 저는 어떠한 관계도 없음을 명백히 말씀 드리며 아울러 GDG에서 발행하는 코인에 관해서 그 어떠한 관련도 없음을 말씀드립니다.

첫 만남 자리에서 저도 모르게 사진이 찍혔으며 단톡방에 돌아다니는 '이천수가 힘써주겠다'라는 식의 내용은 제가 말한적도

없으며, 그런 단톡방이 운영되는것 또한 나중에 제보를 통해 알게 되었습니다. 따라서 캡쳐사진과 관련된 내용은 일체 사실이

아님을 말씀 드립니다

두번째로, 노래를 부르고 있는 사진의 장소는 단순히 파티룸에서 있었던 지인의 생일파티 자리이고 해당 자리는

소규모로 외부인 없이 지인들만 참석한 자리로 인터넷에서 확산되고 있는 루머와 무관하오니 억측은 자제해주시길 바랍니다

설연휴에 많은 팬분들과 구독자분들에게 심려를 끼쳐드려서 죄송합니다.

Original message from Shortbox:

안녕하세요.

숏박스 김원훈 조진세 입니다.

최근 일부 커뮤니티에서 발생한 위너스 관련 논란에 대해 입장을 밝히고자 합니다.

금일 채널 댓글을 통해서 말씀드렸던 것 같이 저희는 위너스 관련 논란으로 언급된 최승정씨 및 기타 관련자와 어떠한 사업적, 금전적 논의 및 거래가 없었음을 명확히 밝힙니다.

현재 논란이 되고 있는 최승정씨와는 지인의 소개로 알게 되어, 한 시간 내외의 짧은 만남을 두 차례 가졌었고, 이는 각각 1년전, 그리고 2023년 5월 경 이었습니다. 저희로서도 부담스러운 자리였기에 두 번 모두 한 시간이 채 지나지 않아 자리에서 일어났습니다. 해당 자리에서 어떠한 사업적, 금전적 논의도 이루어지지 않았고 코인과 관련된 이야기는 언급도 되지 않았습니다.

함께 언급되고 있는 장기 렌트카의 경우 위너스와 무관한 타 지인을 통해 소개받았던 건으로 직원의 기념 사진 요청에 응했던 건이고, 2022년 5월에 진행했던 후라이드 참 잘 하는 집 광고(PPL)의 경우, 해당 업체의 광고대행사가 공식적인 루트를 통하여 진행한 건입니다.

추측성 글과 영상들로 오해를 받는게 안타깝고 어느 누구보다 떳떳한 만큼 팬분들이 궁금해하시는 부분에 대해선 모두 해명드리겠지만 지나친 억측과 거짓소문을 만드는 행위는 자제해 주시기를 부탁드립니다.

믿어주시고 걱정해주신 분들께 감사드립니다.