The Trap of “Zero Fees”

YouTuber and BJ Inbeom has launched the crypto derivatives exchange ADEN, loudly proclaiming that trading fees are virtually zero. At first glance, this might sound like a revolutionary gift for small retail investors. But I must point out how dangerous this “zero-fee carrot” really is. Every trade naturally comes with costs. If the fee is zero, then who is paying for those costs?

ADEN emphasizes decentralization and automation as reasons why costs are minimized, but in reality, the operating entity is bearing the burden. And that entity is none other than the BugsCoin Foundation, led by BJ Inbeom and his team. In other words, they are sacrificing profitability to lure customers in with a dumping war. The problem is: how long can this bleeding strategy last? Once enough users and trading volume are secured, the policy could flip — raising fees or extracting revenue through other means. Centralized exchanges have done this many times before. They start with zero fees, later sneak in fee hikes or shift to token-dependent revenue models, disappointing investors. The hidden risks of “zero fees” must be seen clearly.

“Decentralization” as a Shield

ADEN presents itself as a decentralized exchange (DEX). Users supposedly keep control of their assets, connect via wallets, and trade freely. But is it really risk-free? In practice, the project revolves around a very central figure: BJ Inbeom. He issued BugsCoin, and he leads ADEN. The exchange’s website, smart contracts, and profit structures are all under his influence. There is little evidence of meaningful decentralized governance (DAO).

If ADEN claims there is no central control, yet still profits from recruiting users, that’s closer to deliberate responsibility avoidance. Do regulators really buy this wordplay? In the real world, ADEN attracts investors, makes money, and yet could shrug off accountability with “we are not a central operator.” Using “decentralization” as a shield — while allowing vast sums to move with no KYC — opens the door to money laundering, tax evasion, and other illegal activity.

Tax Evasion Encouraged, Ethical Decay

Another worrying issue: voices in some communities openly saying, “Trade U.S. stocks on exchanges like ADEN, and you won’t pay the 22% tax.” If Inbeom or ADEN associates are encouraging such views, it’s a serious problem. It undermines the principles of market transparency and fair taxation.

The government delayed the financial investment income tax to ease burdens on individuals, but exploiting that gap to actively encourage tax evasion goes beyond moral hazard — it’s bordering on incitement to commit a crime. Ordinary investors misled by such claims could later face back taxes and penalties. Who will take responsibility then? If ADEN is truly a legitimate alternative, it should clearly distance itself from these tax-dodging schemes and provide honest guidance.

The Pitfall of “Stocks Like Coins”

ADEN also boasts that “even U.S. stocks and futures can be traded.” This paints an enticing picture: trading Apple or Tesla around the clock like any other coin. But that is a deeply dangerous idea. Legally, the terrain is completely different. Trading U.S. equities outside licensed brokers, via crypto derivatives? Do we think the SEC or Korea’s financial regulators would stay silent?

In fact, Binance once tried stock-linked tokens for Apple and Tesla, only to withdraw under heavy regulatory fire worldwide. Running unofficial equity-based derivatives outside formal markets is illegal in many jurisdictions. The excuse of “but it’s decentralized” won’t hold. Even if ADEN avoids regulators temporarily, when problems inevitably arise, it is the users who suffer. There will be no investor protection: no securities law protections, no financial regulators’ complaint desks. If you buy Tesla-linked futures on ADEN and lose money, what legal recourse do you have? None. Falling for the pitch of “trade U.S. stocks on a crypto exchange” means leaping into a casino with no safety net.

BJ Inbeom: Who Is He?

Some may have hoped, “If it’s Inbeom, it might be different.” Once upon a time, BJ Inbeom was hailed as the “champion of small investors.” He gave back referral income and stressed investor protection. But now, he’s walking the exact opposite path. He is encouraging risks even greater than those he once criticized.

Take the BugsCoin saga: initially marketed as a “community reward token,” it ended up relying on his personal influence to pump the price and lure investors with high-stakes contests. The fallout hit ordinary investors — and even teenagers. Inbeom insists, “I have no reason to do anything illegal,” yet his own words revealed otherwise: “My goal is for everyone in Korea to gamble comfortably at home.” That contradiction speaks for itself. Those who once trusted him likely feel a deep sense of betrayal.

The Paradox of Regulation

Behind all this lies a paradox of regulation. In the legal vacuum around virtual assets, figures like Inbeom mix loopholes with clever PR to build risky ventures. Some argue strict regulation stifles innovation, but too much leniency breeds greater consumer harm. The ADEN and BugsCoin episode is a textbook case of “runaway behavior in regulatory blind spots.”

If regulators remain passive, there will be more Inbeoms using the same tricks to mislead the public. The damage will ripple across society. It is time for regulators to act — applying existing financial laws where possible, and filling legislative gaps swiftly. Particularly, high-risk “mock trading games” that involve minors demand strict enforcement.

Inbeom’s experiment is a wake-up call. If we don’t spot the traps behind shiny promises, even the tallest tower can collapse in an instant.

아덴(ADEN) 관련 공식/데이터 자료

• CoinMarketCap – ADEN 거래소 정보
• DefiLlama – ADEN Perpetuals DEX
• Orderly Network 공식 문서
• DappBay 프로젝트 페이지 – ADEN

규제 및 법률 관련 참고

• 금융위원회 – 미신고 해외 가상자산사업자 이용 관련 소비자 유의사항(2021)
• 금융감독원 – 해외 가상자산사업자 불법 영업 경고 보도자료

언론/기사

• 코인데스크 코리아 – 인범, 아덴 거래소 출범 보도
• 한국경제 – 아덴 거래소, Orderly 네트워크 기반 DEX 런칭