Major South Korean record label HYBE has shuttered its blockchain project Binary Korea less than three years after launch due to poor financial performance.

The Seoul-based subsidiary will merge with HYBE. Meanwhile, the parent company will focus on the entertainment side of business, specifically artist management.

According to AlphaBiz, HYBE stated that the goal of this merger is to “enhance management efficiency.”

The report further alleges that Binary Korea has been quite unprofitable. It reportedly generated only KRW 468,441 ($318) in 2023 and a net loss of KRW 4.28 billion ($2.9 million).

HYBE is home to massive K-pop groups, including BTS, TXT, ENHYPEN, SEVENTEEN, LE SSERAFIM, and more.

Binary Korea is a subsidiary of HYBE that has aimed to provide novel services through the merger of entertainment and blockchain, boosting fan experience. It focused on exploring the utilization of blockchain in the entertainment sector.

According to News1, Hive holds an 85.19% stake in the subsidiary, while the blockchain VC Hashed and Binary CEO Kim Seong-min hold the rest.

Additionally, Binary Korea launched a fandom platform THEUS with Korean digital entertainment company Sandbox Network in 2022. It failed to produce results.

However, per the latest changes on Namuwiki, Binary Korea launched in July 2022 and closed on 27 March 2025.

With all this, per the local media, it seems that one of the largest K-pop companies has failed in its tech expansion and is now moving away from it.

NFT Expansion Fails

As the non-fungible token (NFT) sector flourished in 2021, HYBE began the move into this space, exchanging shares with crypto exchange Upbit operator Dunamu. The two established a joint venture Levvels in the United States. However, the enterprise suffered losses.

While it continues operating, News1 quoted “an industry insider familiar with the matter” saying that “the NFT platform ‘Momentica’ that was launched by Levvels with Hive IP is in fact in a state of no performance.” They argued that “it will be difficult to continue the same service unless the service is completely changed.”

Notably, millions of fans of HYBE’s groups heavily criticized the company’s NFT moves. On the one hand, they argued that HYBE needs to focus on its artists more. On the other hand, they criticized the environmental impact.

Meanwhile, in September 2024, HYBE announced that Binary Korea partnered with Coinbase, the world’s most reputable cryptocurrency company, to work together on developing Binary’s Onchain Engagement Protocol, an innovative creator enablement platform that harnesses the power of AI and blockchain technology.

Originally set to launch in 2025, the platform would utilize the Coinbase Developer Platform and Base blockchain to “connect creators with resources needed to help facilitate payments between fans and creators.”

According to News1, “Hive’s position is that nothing has been completely decided yet. They also implied that they are not completely giving up on the blockchain business.”

The post K-pop Giant and BTS Label HYBE Abandons Blockchain Project appeared first on Cryptonews.

The crypto industry is home to a plethora of individuals. While some have just entered the industry, a few others have established a stronghold in the market. The volatile waves of the market have washed out several individuals over the years. But a certain group that has accumulated fortuned over the years remains untouched. This includes the founders of prominent platforms and certain mysterious members as well. This article dives into the top ten wealthiest people in the crypto ecosystem.

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Wealthiest Individuals of The Crypto Industry

The first person on the list is Satoshi Nakamoto, the mysterious creator of Bitcoin (BTC). The man behind the world’s largest crypto holds approximately 968,452 BTC, valued at around $93 billion. ​

Changpeng Zhao who also goes by CZ stands second. He is the founder and former CEO of crypto exchange Binance, CZ’s net worth is estimated at $66.6 billion. ​According to reports, Giancarlo Devasini, the CFO and likely the largest shareholder of Tether is third on the list. While Devasini’s wealth is substantial, though exact figures vary. ​Certain reports suggest that he holds about $22.4 billion in crypto.

Another member from Tether takes over the fourth spot. Jean-Louis van der Velde, the CEO of Tether and Bitfinex. He has amassed significant wealth through his leadership roles in these crypto organizations.

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Brian Armstrong, the co-founder and CEO of the prominent crypto exchange Coinbase, stands fifth. Armstrong’s net worth is approximately $13 billion, with a significant portion tied to Ethereum holdings. ​Fred Ehrsam, co-founder of Coinbase and the crypto investment firm Paradigm follows behind Armstrong. Ehrsam’s net worth is around $12 billion. ​

Matthew Roszak, who is the co-founder of Bloq, has a net worth estimated at $10 billion. He has primarily invested in Bitcoin. ​The eighth place is shared by the twins Cameron and Tyler Winklevoss. The founders of the Gemini exchange, the Winklevoss twins, each have a net worth of approximately $2.7 billion.

Michael Saylor, executive Chairman of Strategy, has been lauded for his interest in crypto and Bitcoin. Saylor’s net worth is about $3.8 billion. Lastly, Paolo Ardoino, the CTO of Tether, has a net worth which is estimated at $7 billion.

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