HYBE has issued a statement denying its association with the cryptocurrency named ARMY COIN, announcing plans to take legal action against it.
The statement was published via Newsen on October 28, where the label denounced any association with the ARMY COIN cryptocurrency listed on the Singapore-based cryptocurrency exchange Bitget, which adopts the name of BTS‘ fanbase, ARMY.
“The agency has no connection with this cryptocurrency and it was listed without any discussion with us,” clarified HYBE in their statement, as translated by Soompi. “Furthermore, photos of BTS were used to promote this cryptocurrency without the permission of Big Hit Music.”
The entertainment company also revealed that the cryptocurrency has allegedly been sharing false claims of its purposes with traders in chats, such as “this was made for BTS” and “this exists to maximize BTS’ profits”.
HYBE added that it was “currently looking into the legal violations in this case”, on the basis of the cryptocurrency’s “infringement on our artists’ portrait rights without permission from or discussion with the agency”.
In other news, BTS were reported last week to have parted ways with previous distributor Sony Music’s Columbia Records, in favour of a new partnership with Universal Music Group, which is expected to come into effect from December onwards.
Billboard had claimed in its report that Columbia chairman and CEO Ron Perry had never met HYBE founder and chairman Bang Si-hyuk throughout their entire partnership despite the former having flown to South Korea on numerous occasions to work on BTS’ music.