'Composer Fraud' Yoo Jae-hwan "Lost 1 Billion Won in Coins... Admits to Withholding Part of Composition Fees"

1.3 Million Won Composition Fee Refund Requested by 60 People
Refusal to Communicate with Victims Is "Mockery"

Broadcaster and composer Yoo Jae-hwan (35), who has been embroiled in allegations of composition fee fraud and sexual harassment, revealed that he "lost 1 billion won in cryptocurrency."

On the 10th, a video titled "I am Yoo Jae-hwan, the composer of Infinite Challenge" was uploaded to the YouTube channel 'Caracula Media.' It was an interview video between Caracula and Yoo Jae-hwan. Caracula first met Hendo, the head of an entertainment agency who accused Yoo Jae-hwan of causing damage. Hendo claimed, "I saw Yoo Jae-hwan's early Instagram posts and sent him a DM (direct message). He said he wouldn't charge for composition fees and that it was free, but when we talked, he said it would cost around 1.3 million won." He added, "I also transferred 1.3 million won, but I never received the finished song." He further stated that Yoo Jae-hwan entered the victims' group chat and threatened them with lawsuits and complaints as leverage.

In the interview with Caracula, Yoo Jae-hwan addressed the composition fraud allegations, saying, "For example, it was like buying a cola to drink it, but then closing it again and asking for a refund." However, Yoo Jae-hwan admitted to receiving 1.3 million won each from about 170 people under the pretext of composition fees, and said that about 60 of them requested refunds, amounting to approximately 70 to 80 million won.

Yoo Jae-hwan also explained why he refused to communicate with the victims. He said, "When I tried to communicate, they mocked me in the group chat, so I left." Regarding the allegations that he threatened the victims with lawsuits and complaints, he denied them, saying, "I only did that to one person. I was frustrated because false parts were spreading as if they were true."

In particular, Yoo Jae-hwan revealed, "I lost 1 billion won in cryptocurrency." He said the loss occurred around 2021, and that he posted the composition project in March 2022. When Caracula pointed out, "You must not have been financially well off when planning the composition project," Yoo Jae-hwan responded, "I wasn't financially comfortable, but I didn't want the narrative to be that I went bankrupt because of cryptocurrency and then started this project."

After announcing his marriage in April, Yoo Jae-hwan became embroiled in various allegations including composition fee fraud, sexual harassment, and sexual assault. On the 10th, the day the video was released, Yoo Jae-hwan posted a suicide note-style memo on his Instagram, which he said he had written five days earlier. It was reported that Yoo Jae-hwan was in the intensive care unit after a suicide attempt but has since been moved to a general ward and was discharged on the same day. The video uploaded to 'Caracula Media' was filmed before Yoo Jae-hwan's suicide attempt. He has expressed his intention to repay the composition fees and strongly denies the sexual harassment and assault allegations.

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