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Bitget, Cryptocurrency Giant Suspended

By Dr.Dang March 21, 2022, 9:42 p.m.
Bitget, Cryptocurrency Giant Suspended

The regulators in Singapore just suspended one of the coin giants in the crypto world. Yes, we are talking about Bitget. The cryptocurrency exchange landed itself in a dispute. This was after it promoted Army Coin.

Bitget, Cryptocurrency Giant Suspended

The regulators in Singapore just suspended one of the coin giants in the crypto world. Yes, we are talking about Bitget. The cryptocurrency exchange landed itself in a dispute. This was after it promoted Army Coin.
According to the Financial Times, Army Coin is named after BTS fans. BTS is a famous South Korean Boy band. Read on to find more on the story.

How Did It All Start?

Well, it all started when Bitget advertised Army Coin. Bitget is one of the sponsors of Juventus, an Italian football team. It promoted Army Coin in an attempt to offer lifetime support to the BTS members. However, BTS’s agency, Hybe, claimed that the crypto coin has no connection with BTS. The agency threatened to file a legal complaint in late October.
Accordingly, Bitget decides to remove Singapore’s monetary authority logo from its website. Moreover, the company blocked Singapore users from accessing it through the website or the app. Bitget even failed to respond to queries from the Financial Times.
According to Bitget’s website, the company got set up in 2018. It has grown to have more than 1.5 million users globally.

BTS Members Pocket Millions from Sale of Agency Shares

Three of the seven BTS K-pop group members traded their shares in the agency. They managed to pocket up to $8.4 million from the sale. This was ahead of their sold-out concerts in Los Angeles. The sale also follows their win at the American Music Awards for the artist of the year.
The members who sold their shares are Jin, J-Hope, and RM. The three sold a total of 31,986 shares in Hybe agency. According to a regulatory filing, the sale occurred between October 13 and November 9.
Hype Co., formally called Big Hit, is in Seoul. The company stock attained a record high on November 16. The new record doubled its original public offering in October 2020.
Hybe’s founder, Bang Si-Hyuk, gave the group a 1.41% stake in the company. The stake represents 478,695 company shares. This was before the IPO. The group shared the stake equally. At the moment, the shares value at about $165 million.
J-Hope earned $1.57 million from the sale of 5,601 shares. Jin made $4.1 million from 16,000 shares, and RM made $2.75 million from 10,385 shares.

The Increase in Agency Profits

The Hybe agency posted record revenue for the third quarter. The high profits resulted from the increase in album sales. The sales increased from 900,000 last year to 4.85 million units this year.
Furthermore, the company expects an increase in the fourth-quarter earnings. The money comes from the North America concert ticket sales that sold out in minutes. Additionally, some money will come from the sale of merchandise and content.
The band aims to accumulate as many funds as possible this year. They plan on doing this before the mandatory two-year military conscription. The group’s extensive fan base, BTS Army, is quite influential. The fan base managed to revise South Korea’s military service law. The exceptions allow the members to differ in military service until the end of 2022.

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