Three employees at HYBE, the agency behind K-pop megastars BTS, have been accused of insider trading by South Korea’s financial watchdog over share sales before the group’s bombshell “hiatus” announcement. | AFP
K-pop fans visit a BTS pop-up store in New York on June 15, 2022. During a candid YouTube video showing them eating dinner while chatting in Korean, K-pop megastars BTS dropped a bombshell announcement on their global fans: the supergroup was taking a break.
In a YouTube video posted on June 14 last year, BTS’ band members told fans they were taking a break from the supergroup to focus on their solo careers, citing exhaustion and the pressures of their stratospheric success.The company’s share price fell nearly 25 percent when the market opened the day after the announcement, wiping nearly 2 trillion won off its value.
Three HYBE employees, whose identities have been withheld, had prior knowledge of the announcement and sold their shares before it was made public, pocketing hundreds of millions of won illegally, the Financial Supervisory Service said in a statement Wednesday, May 31.
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