South Korean police referred Bang Si-hyuk to prosecutors on September 3, 2026, without detention on charges of fraudulent unfair trading under the Capital Markets Act tied to 2019 HYBE shareholder transactions ahead of the 2020 IPO, alleging 263.1 billion won in illicit gains. Prosecutors had twice rejected police arrest warrant requests earlier in 2026 due to insufficient evidence and suggested alternative charges such as ordinary fraud. The case now awaits prosecutorial review for possible indictment, further investigation, or dismissal, with Bang and HYBE maintaining that all actions complied with disclosure rules. Trader consensus favoring no formal charge by year-end reflects these procedural hurdles, prior prosecutorial pushback, and the high evidentiary bar for Capital Markets Act violations in similar cases.