Hive employees affiliated with BTS have been sent to prosecutors. They are accused of selling the vertical with inside information that BTS was temporarily suspending its activities.
A total of three employees were sent to the prosecution, including the team leader. Meanwhile, BTS announced on June 14 last year that it would temporarily suspend its activities through its YouTube channel.
Reasons for BTS’s temporary suspension
Because BTS is an adult male in South Korea, they are required to serve in the military. (Jin, the oldest member of BTS, will be the first to enlist in the military, followed by J-Hope.
BTS aims to complete their military service and return to full strength in 2025. There has been talk of the entire group enlisting together, but this is not a realistic possibility.
Why were three Hive employees indicted?
It was a natural step in relation to the members’ military issues. However, the employees who were sent to the prosecution claimed that they knew in advance that BTS was temporarily suspending their activities and sold their stocks to avoid losses.
In fact, on June 13 and 14, Hive’s stock price dropped 11% and 3%, respectively. The employees avoided losses of up to 150 million won per person.
In South Korea, employees of publicly traded companies are subject to criminal penalties if they use non-public information that they learn in connection with their duties to trade stocks or provide it to others to use.
Conclusion
BTS members Jin and J-Hope did not hold any fan events as they enlisted in the military. This was done in anticipation of safety concerns due to the large crowds of fans. We look forward to the day when BTS, one of the world’s most popular groups representing South Korea, completes their military service and returns to their fans.
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