A major crypto scandal has erupted in South Korea, involving prominent celebrities and online influencers accused of promoting a fraudulent blockchain sports platform, Winnerz. Allegations suggest that the platform issued counterfeit cryptocurrency, enticing investors with promises of lucrative returns, only to block them from withdrawing their funds later.
The National Police Agency has launched an investigation into Winnerz for suspected fraud, responding to complaints from investors struggling to retrieve their investments. Reports indicate that Winnerz may have enlisted celebrities to strengthen its credibility and attract more investors, deepening the controversy surrounding the alleged cryptocurrency scam.
The revelation of the scheme came to light after anonymous investors filed a complaint with the National Police Agency, triggering an investigation into Winnerz. Reports suggested that Winnerz allegedly engaged celebrities and popular YouTubers to endorse the project.
Images circulating online showing comedian Na Sun-uk at a Winnerz year-end event fueled speculation about potential celebrity involvement in the fraudulent platform.
Multiple South Korean celebrities and popular YouTubers faced allegations of involvement in cryptocurrency fraud linked to Winnerz, a blockchain sports platform accused of running a fraudulent coin scheme.
Na Sun-uk has denied any connection to Winnerz, stating his event attendance was due to personal acquaintances. The central figure in the alleged scheme, Choi Seung-Jung, has a history of association with previous cryptocurrency scams. This background has heightened concerns about Winnerz’s credibility and legitimacy, casting doubts on the platform’s operations and connections to individuals with a track record of fraudulent activities in the crypto space.
They clarified that no business or financial discussions or transactions with Choi Seung-jung and other relevant parties were associated with the controversies surrounding Winnerz.
However, YouTuber Oh Byeong-min, also known as Oking, admitted to investing in Winnerz but announced plans to withdraw his investment and cease collaboration with the company. Despite being listed as a director on the Winnerz website, Oh addressed the allegations against him in a video on his YouTube channel.
Amid mounting allegations, Winnerz defended its legitimacy as a blockchain-based sports platform, claiming transparency in operations and stating that business goals were achieved within disclosed timelines. Additionally, Winnerz coins are said to be listed on overseas exchanges.
Using celebrities to promote dubious projects is a widespread tactic, with even internationally renowned figures facing legal consequences for such endorsements. In the case of Winnerz, most celebrities have denied involvement with the platform, while others admitted to investing but distanced themselves from the alleged scam.
South Korea recently saw a high-profile crypto fraud case resulting in the sentencing of Bitsonic’s CEO, Jinwook Shin, to a seven-year prison term for manipulating the cryptocurrency market. Shin was found guilty of inflating the exchange’s operating profit, leading to losses exceeding $7.5 million for users.
In a separate incident, prosecutors released several crypto traders accused of exploiting the price gap between local and global exchanges, allegedly profiting $3.2 billion from the 3% to 5% price difference, known as the Kimchi premium.
