Bang Si-hyuk Faces Second Police Investigation Over Fraud Allegations
Sep 22, 2025
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An official from the Seoul Metropolitan Police Agency said at a regular press conference on the 22nd that the suspect has been investigating Bang Si-hyuk since 10 a.m. They are analyzing confiscated objects and investigating those involved. We are conducting a second investigation because we have something to check."
However, regarding whether to apply for a ban on departure for Bang Si-hyuk, he declined to say "It is difficult to answer."
Bang Si-hyuk is accused of deceiving existing investors in 2019 before Hive's listing that there was no IPO plan and then having them sell their shares to a special purpose corporation (SPC) created by a private equity fund invested by Hive executives. After Hive's listing, SPC sold its holdings, and Bang Si-hyuk is accused of pocketing about 190 billion won in unfair profits, or 30% of the profits from the sale, under a pre-signed shareholder contract.
At the time, Hive said "It is regrettable that it was not accepted that the largest shareholder attended the FSS investigation and actively explained that he did not pursue private interests on the premise of listing." We respect the decision of the financial authorities and will do our best to recover the trust of the market and stakeholders by explaining related suspicions more actively in future investigations" made a statement.
However, police raided the Korea Exchange in Seoul's Yeongdeungpo-gu district on June 30, securing data on Hive's listing review, and raided Hive's headquarters in Yongsan-gu, Seoul on July 24. On the 15th, Bang Si-hyuk was publicly summoned and the first suspect was investigated. Bang Si-hyuk completely denies the allegations.
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