HYBE, the South Korean entertainment conglomerate best known as the agency behind BTS, is reportedly withdrawing from Web3 after a series of unsuccessful blockchain ventures. According to a report by News1, HYBE is preparing to liquidate its blockchain subsidiary, Binary Korea, citing financial losses and lack of demand from fans.
BTS NFTs Never Happened
Binary Korea was established in 2022 as part of HYBE’s effort to expand its digital ecosystem. The company had initially planned to launch BTS-themed NFTs in collaboration with Dunamu, the operator of the crypto exchange Upbit.
However, the move was fiercely criticized by the BTS fanbase (ARMY), who accused HYBE of over-commercialization and ignoring the environmental impact of NFTs. In response to the backlash, the company shelved the BTS NFT plans altogether.
Despite dropping the BTS NFTs, HYBE continued to experiment in the blockchain space through its U.S.-based joint venture Levvels, which launched the Momentica platform. The platform featured NFTs from other HYBE artists, but the absence of BTS resulted in low engagement and limited reach.
Over $3 Million in Financial Losses
According to News1, Binary Korea ended the year 2023 with total revenue of just ₩468,000 (approximately $320) and a net loss of ₩4.28 billion (around $2.9 million).
Another HYBE blockchain initiative, THEUS, also failed to gain traction, despite a partnership with Coinbase and attempts to implement blockchain-based fan engagement features.
A HYBE spokesperson confirmed that the company is considering the closure of Binary Korea, but added that the final decision has not yet been made.
BTC Extortion Case on WeChat
Meanwhile, in China, a separate crypto-related controversy is unfolding. Chinese media outlet Sina Finance reported a BTC extortion incident involving a fake WeChat account using the name "Bitcoin Cong’er".
In the city of Chengdu, a victim was reportedly coerced into transferring 6 BTC to scammers under threat of releasing compromising content. The case has gained attention because an account with a similar name — BTCconger — recently went viral following a controversial post on X (formerly Twitter). The post offered to “spend the night” with anyone holding 0.1 BTC or more.
The account’s original operator, formerly known as LisaaBuilder, has since denied any involvement in the extortion. She stated during a live stream with crypto blogger Robert Lee that she is currently in Shenzhen and plans to submit evidence to clear her name.
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