Hive employees are under investigation for allegedly using insider information to trade stocks before the global artist BTS announced the suspension of their group activities. The stock prices of Hive, the management company of BTS, dropped just before the YouTube video announcement, raising suspicions of insider trading among some investors.
According to the report from the JoongAng Ilbo on April 30, some Hive employees are being investigated for allegedly selling Hive stocks just before the announcement of BTS's activity suspension in June 2020, and making a huge profit from the transaction.
On June 14, 2020, BTS announced the suspension of their group activities through a YouTube video titled "Bangtan Dinner Party." The next day, on June 15, Hive's stock price dropped by 24.87%.
Some investors have raised suspicions of insider trading, citing the drop in Hive's stock prices just before the video release. Hive's stock prices had been stable in the 220,000 won range in early June, but dropped by 10.96% and 3.02% on June 13 and 14, respectively, just before the video announcement.
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