‘When BTS members got shares…': Fired BIGHIT director's explosive post reveals ‘evil' HYBE let ‘alcoholics' devour shareholders' stocks
BTS' comeback as OT7 after two long years is due this week. This would mark the first time since the legendary K-pop singers enlisted in the military that their agency, HYBE, has finally seen a decent uptick in the stock market. But just when things were starting to look up, the agency's chairman and CEO, Bang Si Hyuk found himself under the FSS scanner in a suspected stock fraud case. A search and seizure were carried out days ago. And now, Elly Chae Eun, former communications director at the company, has broken her silence. In a blistering social media post, she tore into the toxic work culture at HYBE and even mentioned BTS, while making it clear the boys had no part in the mess.
Also read: BTS mastermind Bang Si Hyuk may face life in prison over suspected $290 million fraud; HYBE shares plunge
Elly Chae Eun was allegedly fired in 2017, claiming the company dismissed her because she 'no longer suited their preferences.' On June 7, Elly posted a statement on Threads calling out HYBE's deep-rooted greed. In a post titled, 'This is the hidden story behind the process of being promoted to an executive — something even I didn't know,' she said she was asked to leave despite sacrificing years of her life, both physically and mentally (translated via Koreaboo). Elly wrote, 'I used to sleep with my phone next to me all the time. I lost 7kg over two years after joining the company and even had symptoms of hair loss. I poured my heart into my work, taking care of the company's male idols — 'sons of others' — rather than my own precious children.'
Then came the real sting. According to Elly, after she left, HYBE handed out huge sums (₩50-100 billion) to their inner circle, people who, she says, weren't even around when BIGHIT was struggling in its early days. This timeline matches the Financial Supervisory Service's allegations accusing Bang Si Hyuk of manipulating shareholders into selling their shares cheaply by denying IPO plans, only to go public later anyway.
Also read: BTS' RM, V, Jimin and Jungkook to greet fans at designated locations post-discharge; BIGHIT says, 'Refrain from visiting'
In 2020, each BTS member became a shareholder in HYBE, which originally started as BIGHIT with the seven-member boy band. In her post, Elly cleared BTS of any wrongdoing. She said she genuinely celebrated when BTS members received shares and grew wealthy, calling them the real foundation of the company. 'They absolutely deserved everything they achieved — those seven were the beginning of HYBE itself.' However, she claimed the real problem lies with the corporate suits who swooped in later. 'The ones who later swooped in and devoured shareholders' stocks at cheap prices, who went behind people's backs… people who played golf with corporate cards, lounged in luxury rooms, drank alcohol — they are the real evil ones.'
Bang Si Hyuk is currently being accused of pulling off a shady deal that helped his close allies buy investor shares at dirt-cheap prices, right before HYBE went public in 2020. The profit was a whopping ₩400 billion (around $290 million), with Bang reportedly getting a huge cut, around 30%, through a secret deal with a private equity fund set up by someone close to him. South Korean law demands full transparency when it comes to IPO filings, and according to the officials, Bang failed to do that. Misleading investors like this could land someone in prison for life. HYBE, for their part, has denied everything.
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