You’ve seen headlines about scandals before, and you’ve seen company statements. But something about this one, the internal letter from Bang Si Hyuk to HYBE employees addressing his investigation, just feels heavier. Not just because of what’s being investigated. But because of who he was supposed to be.
For years, fans saw him as the outlier—a founder who was also a creator, someone who protected idols rather than exploiting them. So when news of the HYBE chairman’s investigation surfaced, it didn’t just shake the industry. It quietly unsettled the fans who believed K-pop could be different.
HYBE Chairman Bang Si Hyuk Investigation: A Brief Overview
First things first, let’s take a look briefly about the ongoing investigation on the HYBE chairman, Bang Si Hyuk.
The founding father of K-pop biggest megastar, BTS, has been facing an allegation of fraudulent securities trading during HYBE’s pre-IPO phase.
Authorities say Bang Si Hyuk told early investors in 2019 that HYBE had no plans to go public—only to later push through IPO steps behind the scenes.
During that period, a private equity fund connected to him allegedly secured investor shares and earned an estimated ₩190 billion (~US$146M) in unfair profit when HYBE finally went public.
The Securities and Futures Commission (SFC) has officially referred Bang and three former HYBE executives for criminal prosecution, citing violations of Article 178 of the Capital Markets Act—which governs market manipulation and false disclosure.
As investigations into HYBE’s IPO dealings intensified, including a recent search-and-seizure at the Korea Exchange and a tax probe by the National Tax Service, Bang Si Hyuk finally broke his silence.
His internal letter to HYBE employees was his first direct response to the allegations.
What Bang Si Hyuk Actually Said in HYBE Internal Letter About the Investigation
The internal letter Bang Si Hyuk sent to all HYBE employees via email was a long, personal message. In this internal letter, Bang Si Hyuk addressed the investigation without much legal defense, but with something closer to a confession.
In this HYBE internal letter, Bang Si Hyuk began with an apology:
“As the founder and chairman, I deeply apologize to all HYBE members who may feel disheartened or anxious due to the recent news.”
Bang Si Hyuk.
He admitted that his extended time overseas to pursue global expansion and artist schedules had distanced him from internal affairs. But more importantly, he acknowledged how this investigation could damage not just HYBE, but the wider industry:
“I can’t allow my personal matters to continue becoming a burden to the company and the industry.”
Bang Si Hyuk.
Further in the HYBE internal letter, Bang Si Hyuk also promised to return to Korea immediately and cooperate with the ongoing investigation. He also claimed that he had already explained the IPO circumstances to financial authorities in previous rounds of questioning.
“I will now put those on hold and return to Korea as soon as possible to fully cooperate with the authorities.
As I did during the financial authorities’ previous investigation, I will once again explain the circumstances surrounding the IPO in detail and sincerely respond to the investigation.”
Bang Si Hyuk.
But what struck fans most wasn’t the procedural updates—it was his tone. The letter was filled with guilt, vulnerability, and reflection:
“What I thought was confidence may have come across as arrogance… I am examining the blind spots I missed along the way.”
Bang Si Hyuk.
Bang Si Hyuk Investigation and HYBE Internal Letter: Why This Feels Different for Fans
There’s a strong reason that all these statements Bang Si Hyuk said on his investigation hit deeper than other corporate scandals.
Because Bang Si Hyuk wasn’t just an ordinary CEO to global K-pop fans. He was once the actual symbol of creative integrity in an industry known for its manufactured perfection.
At the dawn of K-pop and hallyu, Bang Si Hyuk emerged as a producer with immense passion and dedication for music. He protected BTS when no one else would, he spoke openly about mental health, and he built an empire—brick by brick—from the ground up.
That is why all this time, the whole K-pop community saw him differently from those other “puppet master” CEOs. Bang Si Hyuk was an icon, a legend, and most importantly, a mentor.
Hence, this massive HYBE financial investigation against Bang Si Hyuk turns beyond just a mere corporate scandal. Because for us—K-pop enthusiasts, HYBE idols supporters, and avid participants in K-pop community—the whole scandal feels really personal. It raises quiet questions we all may be too scared to say aloud:
“If even the very person who once stood for protection and creative freedom is now being investigated—then what safety net is left for the artists?
And what happens to a fandom that believed it was finally different this time?”
So What Happens Now?
To be clear: Bang Si Hyuk has not been convicted of any crime. The case is still under investigation. Prosecutors may or may not press charges. And even if they do, it could take years before a legal conclusion is reached.
HYBE itself is unlikely to face immediate collapse. The possibility of delisting remains low for now, especially with its current financial strength and diversified artist lineup.
But our trust as fans and primary stakeholder of K-pop isn’t just about what’s legal. It’s about what feels fair, honest, and aligned with the values we believe in. And rebuilding that trust will take more than mere statements.
For the Artists, This Moment Is Even More Fragile
Even if BTS, SEVENTEEN, LE SSERAFIM, or TXT aren’t directly involved, the effects may still ripple through their future careers.
A scandal at the top can lead to:
- Delays in content releases
- Cautious creative decisions from management
- Mental health strain due to unstable leadership perception
- Investor skepticism that shifts company priorities
Fans may never see the full impact—but the uncertainty behind the scenes is real.
As a Fan, What Can You Take from This?
Maybe this is a reminder.
That no industry is immune to power struggles.
That creative legacies can exist alongside corporate flaws.
And that you can admire what someone built—and still question how they built it.
Bang Si Hyuk’s internal letter doesn’t erase the investigation. But it humanizes the moment. It gives fans something most corporations never offer: a window into the emotional weight behind the headlines.
And maybe, even as we wait for clarity, that’s worth holding onto.
For now, what matters most is the music—and the people behind it.
Stay grounded. Stay curious. Stay kind.
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