HYBE, the company behind BTS, is riding high as all seven members are back from military service—fueling hype for a long-awaited full-group comeback and sending the stock soaring. But behind the scenes, serious trouble is brewing.

Regulators in South Korea are investigating HYBE’s 2020 IPO, with allegations that founder Bang Si-hyuk may have hidden hundreds of billions of won in profits.

Join Dan Koh and Audrey Siek as they break down how BTS’ comeback is shaping HYBE’s market value, and what investors, fans, and the industry should be watching next.