Cryptocurrency Company Seungri Modeled For Faces Lawsuit For Fraud
The cryptocurrency company, Nupay, which received investments from numerous investors utilizing the fact that Seungri was their model, has been sued by investors who were not repaid their investment.
According to My Daily, it has been revealed that the representative of Nupay Korea was sued for fraud after attracting investors using Seungri, who was the model for the company.
Last November, Nupay Korea signed an advertisement model contract with Seungri and even completed the advertisement filming under support from YG Entertainment with the goal of launching in March.
When an advertisement model for a company becomes involved in a scandal, the company generally gets rid of the model or sometimes the situation leads to a dispute over penalty fees. However, because the cryptocurrency industry continues to produce investment fraud victims nationwide, it is very rare for a famous celebrity from a well-known agency to model for a company in this industry.
As news of Seungri’s involvement in the Burning Sun gate broke out, Nupay Korea demanded a full refund from YG Entertainment for the deposit they paid and they had reached a partial agreement. However, the representative of Nupay Korea continued to attract investment by presenting the conditions of the advertisement contract with Seungri and YG Entertainment and ultimately, was recently sued by a corporate investor.
The representative of Nupay Korea verbally notified the investor that they should terminate their contract since Seungri’s contract didn’t go through. Moreover, he said that YG Entertainment will be refunding the modeling fees so once he receives this, he will repay the investor. Nonetheless, it is understood that the two companies did not reach a full agreement.