Troubled K-pop-themed Crypto Startup Just Lost USD 6m Investment

Entertainment Investment South Korea

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Author Profile

Share

Copied

Last updated:

June 26, 2023 06:55 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

South Korean IT hardware and entertainment company AimHigh Global has pulled the plug on an investment payment worth some USD 6 million in K-pop-themed cryptocurrency venture ENT Cash, claiming the latter is “bankrupt.”

AimHigh, ENT’s biggest investor, was acting as ENT’s legally recognized representative in South Korea, with the former officially based in Australia (due mainly to South Korea’s restrictive initial coin offering (ICO) laws).

As previously reported on Cryptonews.com, ENT this year struck deals with two of K-pop’s biggest stars, Qiri and Eunjung of girlgroup T-ara – with plans to issue Qri Cash and Eunjung Cash ICOs. Other plans included the creation of a smart contract platform for K-pop artists, and the launch of a blockchain-powered social media network, as well as a broadcast platform.

ENT’s business operations have also involved allowing K-pop fans to buy concert tickets on a blockchain-powered platform. ENT says it sold fans tickets to a K-pop concert in Jakarta last year using its blockchain platform, and claims it has deals in place with many of the Korean music industry’s biggest names, including members of boyband BIGBANG.

AimHigh’s investment package was being paid in installments, and was worth a total of around USD 10 million.

However, per news agency Yonhap, AimHigh says it has been forced to default on its latest installment, despite the fact that it has already honored almost half of its investment pledge.

Yonhap quotes an AimHigh spokesperson as saying, “We have not made our latest scheduled payment as [ENT Cash’s] bankruptcy is currently pending.”

AimHigh is also said to be speaking to lawyers about the possibility of taking legal action against ENT.

After a particularly busy 2017 and first three months of 2018, ENT’s social media channels have gone quiet – with no official posts since March.