K-pop icon Jungkook of BTS has fallen victim to a large-scale identity theft involving HYBE shares worth 8.44 billion KRW (approximately $5.6 million USD). The shocking incident occurred while Jungkook was serving his mandatory military service, leaving him unaware of the fraudulent scheme.
Reports from Biz Hankook on Saturday confirm that on January 6, 2024, shortly after Jungkook enlisted, a suspect opened three securities accounts under his name. The suspect then illegally moved 33,500 HYBE shares to one of these accounts. Out of the total, 500 shares, valued at 126 million KRW (about $86,000), were sold to a third party without Jungkook's knowledge.
In response, Big Hit Music, BTS' management agency, swiftly froze Jungkook's accounts to stop further unauthorized activity. The agency emphasized that it acted immediately to protect Jungkook from additional financial losses.
Jungkook later filed a lawsuit in March 2024 against the third party who purchased the stolen shares. By February 2025, the Seoul Western District Court ruled in his favor, ordering the return of the shares. The court also ruled that there was no valid stock transfer agreement and that Jungkook was clearly the victim of identity theft. Initially, the third party appealed the decision but eventually withdrew the challenge.
Investigators believe the suspect had access to Jungkook's sensitive financial data, such as his bank details and personal identification numbers. This has led to suspicions that the perpetrator may be someone close to the star, as the fraud required in-depth knowledge of Jungkook's financial accounts.
HYBE shares linked to the fraud were valued based on the closing price on January 5, 2024. The stolen 33,500 shares equaled roughly 8.316 billion KRW in value. The third party, who bought the 500 stolen shares, reportedly paid 20,000 USDT (a cryptocurrency) to the seller in advance.
The court ruled that the buyer failed to perform due diligence, stating they should have verified the stockholder's identity, especially given Jungkook's high profile as a major shareholder in HYBE.
Big Hit Music released a public statement confirming the incident and reassured fans that they are committed to strengthening security for their artists. "As soon as the company and the artist became aware of the criminal activity, we took immediate action to prevent further damage," the agency stated. The company has since implemented tighter safeguards to prevent similar incidents in the future.
Jungkook, along with BTS member Jimin, is currently completing his military service under South Korea's companion program. Both stars are expected to be discharged on June 11, 2025. Despite this unsettling incident, fans praised Jungkook for taking legal action and standing firm against the perpetrators.
The primary suspect behind the scam remains unidentified, and authorities continue to investigate. A securities company official noted, "The criminal had detailed knowledge of Jungkook's assets and attempted to access both his shares and cash."
The case has sparked widespread concern about celebrity financial security in South Korea. Fans and industry insiders are calling for stronger regulations to protect public figures from becoming victims of such schemes.
The court's ruling marked a small victory for Jungkook, ensuring that the stolen shares are returned to their rightful owner. However, the hunt for the true mastermind behind the plot is ongoing.
This incident serves as a reminder of the importance of robust security measures, especially for high-profile individuals like Jungkook.
