Three employees of HYBE, the agency behind K-pop superstars BTS, have been charged with insider trading by South Korean prosecutors.
The employees are accused of selling shares in the agency before BTS members announced their break on June 14, 2022.
Following the announcement, HYBE shares plummeted by 25% when markets opened, resulting in a market value loss of nearly 2 trillion won ($1.4 billion).
Prosecutors allege that the three employees acted with prior knowledge of the impending announcement, avoiding losses ranging from $24,000 to over $108,000.
At the time, many analysts speculated about the reasons for the hiatus, with some suggesting it was due to the band members needing to attend South Korea’s mandatory 18-month military service.
Since South Korea is technically still at war with North Korea, nearly all able-bodied men are required to enlist for 18 months by the age of 28.
All members of BTS have been drafted in the months and years that followed.
The oldest member, Jin, was discharged earlier this month after completing his service.
The other six members—J-Hope, V, RM, Jimin, Jung Kook, and Suga—are still serving, and the band is expected to reunite in June 2025.
Fans of the popular boy band are hopeful that Jin’s return marks the beginning of BTS’ return from their hiatus.