HYBE, the agency responsible for iconic K-pop groups like BTS, has come under scrutiny as prosecutors raided its headquarters in Seoul. The investigation points to potential insider trading by an executive who allegedly profited approximately $176,500 after obtaining confidential information about HYBE's investment in YG Plus. Additionally, HYBE's founder, Bang Si-hyuk, is facing separate allegations of defrauding investors associated with the company's initial public offering in 2020, reportedly pocketing around $289 million. These developments raise questions about ethics and compliance within major entertainment agencies.
HYBE's headquarters was raided by prosecutors due to allegations of insider trading involving the company executive and a significant financial gain of $176,500.
The investigation centers on an executive who reportedly bought shares of YG Plus after gaining access to confidential investment information from HYBE.
Bang Si-hyuk, the chairman of HYBE, faces allegations of defrauding investors during HYBE's IPO process, allegedly resulting in $289 million in illicit gains.
HYBE oversees major K-pop acts including BTS, TXT, and Seventeen, marking the agency as a significant player in the global K-pop industry.
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