Siwon, a member of the popular K-pop group Super Junior, has refuted the rumors that he was involved in a fraudulent cryptocurrency scheme by a company called Youth Pay, which is linked to the Korea Youth Committee.
Siwon, a famous singer and actor who is part of the K-pop sensation Super Junior, has issued a statement denying any connection to a crypto scam that has rocked the Korean crypto community.
The scam involved a company called Youth Pay, which allegedly lured investors by leaking false information that it was going public. Youth Pay is affiliated with the Korea Youth Committee, a non-governmental organization that promotes youth empowerment and social contribution.
Rumors of Siwon’s Involvement
The rumors of Siwon’s involvement in the crypto scam started when reports surfaced that some members of the Korea Youth Committee’s Youth Pay project were arrested for fraud and embezzlement.
The project claimed to offer a digital currency that would support youth entrepreneurship and social innovation. However, it turned out to be a Ponzi scheme that defrauded investors of billions of won.
As Siwon is known to be associated with the Korea Youth Committee, having received an award from them in 2023, some netizens speculated that he was also involved in the scam or endorsed the project. Some even accused him of using his fame and influence to attract unsuspecting fans to invest in the dubious cryptocurrency.
Siwon’s Denial
On February 12, Siwon took to his personal YouTube channel notification board to clear his name and distance himself from the controversy. He wrote:
“Hi, this is Siwon Choi. I wish to express explicitly that I have no involvement with regard to the controversy surrounding the Korea Youth Committee’s Youth Pay. Furthermore, I have never been appointed as an ambassador for the Korea Youth Committee’s Youth Pay. While I have received an award at a ceremony organized by the Korea Youth Committee, this was in recognition of setting a good example for the youth, as intended by the committee, and is unrelated to the current controversy. I want to make it clear that I have had no involvement in the Korea Youth Committee’s Youth Pay or any individual’s political activities.”
Siwon also urged his fans and the public to refrain from spreading false rumors and verify the facts before making judgments. He thanked his supporters for their trust and love and apologized for any inconvenience caused by the issue.
Crypto Scams on the Rise
The Youth Pay scam is not the first of its kind in the Korean crypto space, which has seen a surge of fraudulent schemes and hacks in recent years.
According to a report by TRM Labs, there were 132 cases of crypto-related crimes in 2023, resulting in losses of over 6.7 trillion won. The report also warned that the lack of clear regulations and consumer protection measures could lead to more scams and damages in the future.
The Korean government has been trying to crack down on crypto crimes and regulate the industry, but it has faced challenges and criticisms from various stakeholders.
Some crypto enthusiasts have argued that the government’s policies are too restrictive and stifle innovation. In contrast, others have called for more transparency and accountability from the authorities and the crypto platforms.