BTS group memberJeon Jungkook, one of the world’s best-known K-pop stars, has fallen prey to a shocking case of identity theft as part of his compulsory military service. The case, involving illegal transfer and resale of his shares at HYBE Corporation for approximately $5.6 million USD, has raised serious concerns about financial security for foreign celebrities.
In a very advanced case of fraud, one individual with a disguised identity illegally accessed Jungkook’s financial data and created three security accounts with his name. On January 6, 2024, a month after Jungkook entered military service, the fraudster transferred 33,500 shares of HYBE with a value of around 8.44 billion KRW ($5.6 million USD) into a third-party account. The fraudster managed to sell 500 shares with a value of around 126 million KRW ($86,000 USD) to a third party.
Timeline of Events & Legal Actions
December 2023: Jungkook starts his mandatory military service.
January 6, 2024: Unauthorised accounts are opened, and shares in HYBE are illegally transferred and part-sold.
March 2024: Jungkook files a civil case against a third party for recovering his stolen shares and holding them liable.
February 2025: The Seoul Western District Court renders a verdict in favour of Jungkook, cancelling the transactions and ordering a return of 500 shares and matching funds.
The court declared that the transactions were illegal, explaining that there had been no valid agreement for stock transfer and that Jungkook had been a victim of identity theft. The court also convicted the third party for not ascertaining whether the transaction was valid and ordered them to refund the money and shares that had been purchased.
The identity of the perpetrator is not known, but authorities assume that whoever committed the act knew Jungkook’s financial data well, which suggests a possible insider role from his inner circle. Authorities are also considering a possible insider leak, either at HYBE Corporation or Jungkook’s inner network.
South Korean financial and cybercrime authorities are following leads but so far have made no arrests. Experts note that breaches of this kind generally have access to specific banking details, and there are questions about how such sensitive details fell into the hands of the fraudster.
A post from X.
Big Hit Music, Jungkook’s agency, took swift action after learning about the unauthorized transactions. The company froze his accounts at once to prevent further losses and has also implemented further security measures to secure its artists’ property.
We are extremely serious about the safety and financial well-being of our artists. We acted quickly to prevent further damage, and are working with authorities on a continued investigation.
HYBE Corporation also confirmed the incident, reaffirming its promise toward strengthening cybersecurity measures for all major shareholders.
