YouTube Star KwakTube Denies Involvement in $40 Million Crypto Scam After CEO Uses His Photo

Popular YouTuber KwakTube, who has over 2 million subscribers, has expressed his frustration after being falsely accused of involvement in a cryptocurrency scam.

On Wednesday (June 17), he took to social media to clarify that he is an ordinary South Korean citizen who has never even invested in cryptocurrency.

He expressed his shock and bewilderment, stating that a global crypto scammer had stolen his photo.

The origin of this global witch hunt lies in the recent large-scale hacking incident involving the virtual asset "Humanity Protocol."

In the wake of the hack, the price of the project's token plummeted by more than 80% in just a few days.

The total damage to investors is estimated to be around $36 million, or approximately 54.4 billion Korean won.

As fierce protests from investors around the world poured in over the massive financial losses, the CEO, identified as Terence Kwak, suddenly went into hiding.

Before fleeing, however, he committed the bizarre act of changing his social media profile picture to a photo of KwakTube.

Unaware of the full story, overseas influencers began capturing and indiscriminately circulating KwakTube's photo.

They pointed to the unrelated Korean YouTuber as the mastermind behind the crypto scam, subjecting him to harsh criticism.

It has not yet been confirmed why Terence Kwak specifically chose to steal KwakTube's photo.

KwakTube expressed his frustration, noting that the scammer happened to share the same surname, "Kwak."

In effect, the perpetrator behind the multi-billion won fraud has vanished, leaving an innocent celebrity to become the target of a witch hunt.

Reported by Kang Sun-ae | Video by Jung Yong-hee | Graphics by Lee Soo-min | Produced by SBS Digital News


※ Please note: This article was translated by AI and may contain errors.