SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Instagram Outage Disrupts Thousands of U.S. Users 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
AMD Shares Slide Despite Earnings Beat as Cautious Revenue Outlook Weighs on Stock 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
HYBE Co., Ltd. reportedly fired the former dance coach of the world-famous BTS boy group for embezzlement and fraud. It was alleged that the individual also served as performance director of Big Hit Music illegally took or misappropriated funds worth $3.9 million or KRW5 billion.
According to Korea Joongang Daily, the former dance coach worked for BTS for a long time and has also been the group’s choreographer. He joined the company when it was still known as Big Hit Entertainment. Because he was closely associated with the superstar 7-member boy group composed of Jungkook, Jimin, RM, V, Suga, Jin, and J-Hope, fans of the band also know him well.
HYBE Confirmed the Dance Instructor’s Termination
The coach who was not named in the reports was terminated and HYBE cited disciplinary reasons as the cause. It was in September when he was first accused of fraud and embezzlement. The entertainment company also confirmed it has brought the case to the court due to damages to the firm.
“The company immediately conducted an objective investigation, with the advice of an external law firm, after the employee’s misconduct was made aware and dismissed him after exclusion of duties and other personnel committee procedures,” HYBE explained. “After filing charges, we are now proceeding with legal measures to address damages made to the company.”
The company made it clear that it would not be lenient despite the individual’s long service. HYBE is determined to hold the coach accountable based on its “zero-tolerance policy.”
Other Cases the Coach is Facing
Seoul Economic Daily reported that the coach is facing more legal charges because he did not just embezzle millions from HYBE but he was discovered to have swindled billions of won from different individuals including choreographers, composers, and entrepreneurs. He never returned the money he extorted from them.
In carrying out his modus, he allegedly forged documents and illegally used HYBE’s name for his activities. Based on the investigations, he was able to collect money under the guise of investment in goods or using a song that he never returned as well. The estimated total amount of money he collected is believed to be over KRW5 billion.
Photo: Hybe Website
