Illionaire Records officially announced the disbandment on its official Instagram account on July 6, saying, “Illionaire Records will wrap up the long journey of the past decade. Our artists will start a new challenge in their respective positions.”

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The label added, “Thank you so much for all your support and love. Please cheer for the artists’ new start. Thank you again.”

Illionaire Records is a hip-hop label founded by rappers Dok2 and The Quiett in 2011. The two gained popularity in the hip-hop scenes by recruiting rapper Beenzino and held a concert. Co-founder Dok2 left the company in February 6 this year. Rappers Changmo, Kim Hyo Eun and Hash Swan were included in the label Ambition Musik, an subsidiary company.

“Thank you so much,” rapper The Quiett, the head of the label, said on social media.