"This is so weird"- Fans slam HYBE for ILLIT's Crypto event performance allegedly surrounded by older men amid Bang Si-hyuk's IPO controversy

On September 23, 2025, HYBE girl group ILLIT performed at the Origin Summit. Later in the day, South Korean entrepreneur Seung Yoon Lee, also known as S.Y. Lee, posted a video clip of the said performance at the event.

The clip shows the members performing on stagr at the event while men around the stage can be seen cheering and recording. The clip soon circulates within the K-pop fan community. Fans quickly take to X to voice concern and criticized the situation, saying it appears uncomfortable for the group.

This comes during an ongoing controversy involving the girl group's agency HYBE. Chairman Bang Si-hyuk has been summoned by police for a second round of questioning over alleged IPO fraud recently.

Fans online link the timing of the performance and the company's legal troubles, further questioning the group's participation in such events. They voiced strong criticism of the circumstances surrounding ILLIT's performance. One fan comments,

"And as always they dressed like they were 5 years old... This is so weird"

🌻 Sᴜɴsʜɪɴᴇ Dᴀɴɪᴇʟʟᴇ 💛 🏎️ 🏁

@NandaJune

And as always they dressed like they were 5 years old... This is so weird

Many questioned the decision to place a rookie girl group, known for its young members, in front of an audience composed largely of older men at a crypto-related event. Social media discussions centered discomfort over the environment. They also noted the broader concerns about ethics, appropriateness, and the protection of idols in such situations.

soy 🏎️🏁 (& wswf) - semi ia

@soyamoyas

While bang si hyuk is busy mediaplaying using his artists, he sent his beloved girl group to a full day scam crypto conference full of old men 🤮🤢 at @StoryProtocol

kuri

@Krooppik

I do not wish this on any gg. This feels like one of those universal female experience where there's a bunch of guys loitering on the path you have to walkthrough, and you've already accepted the fate of being catcalled. In short, this must feel very uncomfy

@MHDHH_FRIENDS

@srtikamlik

It’s quite unfortunate to see a rookie group with very young members performing at a crypto event where the audience is mostly adult men. It just doesn’t feel appropriate in terms of context and ethics

└⁠|⁠∵⁠|⁠┐⁠♪

@my_weakhero

This is honestly creepy... those girls have no choice. It's just sad..

As the debate around the video continued, more fans voiced their frustration online. Many questioned HYBE's decision to send ILLIT to perform at such an event while award shows and music programs were taking place elsewhere. Others raised concerns about the group's young members being placed in an adult-dominated environment.

njznd

@multipstan

this is beyond weird, all these award shows happening and they’re performing for crypto bros…

mya 𝜗𝜚˚⋆

@haeyinyian

"there's also women attending that event" so you think this is appropriate for a company sending a girl group with minor in it instead of a boy group to perform in an event full of adults?

☆🎸

@broskiiisz

fanwars aside im genuinely worried for these poor girls, like imagine the discomfort😭😭

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HYBE chairman Bang Si-hyuk faces second police questioning over alleged 2019 IPO misleading of investors

For those unfamiliar, HYBE chairman Bang Si-hyuk is under investigation over allegations tied to the company’s 2019 IPO. Authorities claim Bang misled investors by saying no listing has been planned, prompting them to sell shares to a private equity fund linked to company executives.

However, records indicate pre-IPO steps were already underway. When HYBE went public in October 2020, the fund reportedly sold the shares for large profits. Bang allegedly rreceived bout 190 billion KRW, including 30% of resale gains through a nondisclosure agreement.

Under South Korea’s Capital Market Act, misleading investors or using fraudulent methods in unlisted stock trades carries heavy penalties, including life imprisonment for profits over 5 billion KRW. In response, Bang has denied wrongdoing.

His representatives argue that the IPO follows proper procedures and that contracts with the private equity fund were transparent. Some industry voices also note that certain iinvestors have made profits from the sales, complicating the case.

Police previously has raided HYBE’s Yongsan headquarters and the Korea Exchange for related documents. The investigation has widened in recent months, with further questioning sessions and additional summons anticipated.

Investigators have questioned Bang twice, with follow-up sessions expected. Authorities are also reviewing seized evidence and considering measures such as a travel ban to ensure cooperation. The Financial Services Commission has filed a criminal complaint, and the Financial Supervisory Service is conducting a parallel review.

Reports suggest Bang's profit was linked to a confidential earn-out agreement that was not disclosed during the IPO review. While Bang has apologized for concerns caused, he insists the listing itself complied with regulations.

On September 22, 2025, Bang has been called at the Mapo office of the Seoul Metropolitan Police Agency’s Financial Crimes Investigation Unit for a second questioning session. This is a week after his first summons. Officials disclose further questioning may still be required as the investigation continues.

The probe centers on discrepancies between Bang’s 2019 assurances to investors and the actual IPO process, and authorities are expected to issue additional summonses in the coming weeks. With multiple summons expected, the outcome of the investigation will determine whether Bang Si-hyuk stands trial under the Capital Market Act.