SUPER JUNIOR’s Siwon Denies Cryptocurrency Scam Allegations

SUPER JUNIOR‘s Choi Siwon is at the centre of a cryptocurrency scam controversy. On February 12, the idol addressed these allegations head-on through his YouTube channel. He firmly denied any association with the scammers or cryptocurrency.

Siwon emphasized his lack of involvement, “I have nothing to do with the coin and have never been an ambassador for them.”

Clarification on Award Ceremony Attendance

Siwon revealed his attendance at a ceremony organized by a youth committee responsible for launching the cryptocurrency. He stated his attendance was purely to accept an award. This was intended to serve as a positive role model for the youth.

“I had accepted an award from the organizers … But it was only because they had asked me to be a role model for the youth. It has nothing to do with the current controversy,” Siwon elaborated.

Controversy Surrounding “Youth Pay” Cryptocurrency

The controversy revolves around a cryptocurrency known as 청년페이 or “Youth Pay,” which is currently under suspicion as a potential pump-and-dump scheme. Such schemes involve promoters inflating the price of a coin by misleading investors, only to sell off their holdings at a peak for a profit, leaving others at a loss. Siwon’s alleged connection to this scheme has sparked significant discussion and concern among fans and the public alike.