**South Korean prosecutors have twice rejected police requests for an arrest warrant against HYBE founder and chairman Bang Si-hyuk over alleged fraudulent trading tied to the company’s 2020 IPO, citing insufficient evidence and directing further investigation.** As of mid-August 2026, the case remains in a supplementary phase with no formal indictment or charges filed. Police sought the warrants in April after alleging Bang misled investors in 2019 about listing plans, enabling a private equity fund to acquire shares before the IPO and generating substantial gains for him under prior agreements. Prosecutors returned both requests (April and May), and subsequent police review has not produced new filings. Bang has denied wrongdoing throughout. Traders assign “No” a 67.5% implied probability because repeated prosecutorial scrutiny of evidence strength, combined with the absence of an indictment months later, aligns with patterns where capital markets cases stall or resolve without charges absent stronger documentation or new developments. Resolution depends on whether authorities file charges by year-end.