Digital asset platform Bitget has been suspended in Singapore for tricking fans of BTS, the K-pop boy band, into buying a new crypto token called Army coin (ARMY).
The story: Firstly, the name ARMY supposedly represents BTS Army, which is what the boy band calls their followers. Bitget listed the token on their website and published a tweet claiming that the coin exists to “take care of BTS members for life”.
But according to BTS’ representatives, Hybe, the coin has no affiliation with the band. The reps also urged anyone who has bought the coin to speak to the police because BTS has not benefited, nor do they know who is benefiting from it.
Bitget claims that as a trading platform, they don’t create coins and take no responsibility for them. ARMY is no different. They did, however, delist ARMY soon after, but only in some places, it seems. Reports indicate that the token is still available in other countries.
Zoom out: This mess is indicative of many finance fast money scams. Be it a fake account claiming to be a celebrity and selling unfamiliar products or hackers/scammers using popular people’s names to sell products before the victims catch on. One way to protect yourself (and your money) is to look out for press releases sent directly from the celebrities’ accounts.
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