Identity theft targets BTS member Jungkook in a $5.6 million HYBE stock scam.
BTS member Jeon Jungkook almost became the victim of an attempted stock theft at HYBE, the K-pop group’s label. As per a report by Biz Korea on Saturday, there was an attempt at stealing 8.44 billion KRW ($5.6 million) worth of HYBE’s shares. The suspect allegedly took advantage of Jungkook’s time away on military duty and attempted to transfer and sell his stocks without permission.
BTS’ Jungkook targeted in stock theft
According to reports, the suspect allegedly transferred 33,500 shares of HYBE stock to a new account and managed to sell 500 of them, which were worth KRW 126 million (about $86,000), to a third party. Jungkook enlisted for his mandatory military service in December 2023, alongside fellow BTS member Jimin, under the military’s companion program. It’s now being reported that the attempted scam was orchestrated on January 6, 2024, just a month after his enlistment. The thief is said to have opened three illegal securities accounts under Jungkook’s name without his knowledge or consent.
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In response to the scam, Jungkook filed a civil lawsuit in March 2024. In his complaint, he requested the return of the 500 shares that had been sold to a third party. Seoul’s district court ruled in his favor, stating, “There was no valid stock transfer agreement, and Jungkook is merely a victim of identity theft.” The court also ordered the third party to return the funds they owed the BTS member, which had been used to purchase the stolen shares for roughly USD 20,000 (in the form of cryptocurrency).
Jungkook’s 33,000 shares were reportedly worth 8.316 billion KRW, based on the closing price on January 5. However, despite the court ruling, the real culprit behind the account theft remains unidentified. An investigation has been launched, but so far, there have been no solid leads. Given the level of access the suspect had to Jungkook’s personal banking details and passwords, it has been suspected that someone close to him might have been involved. South Korea’s court rejected the third party’s defense, stating, “They were negligent for not verifying the stockholder’s identity, especially knowing the shares belonged to a key shareholder.”