Big Bang member Seungri has canceled his pending lawsuit against singer Shin Eun Sung, who allegedly defrauded him for 2 billion won ($1.65 million USD).

According to a statement made by Seungri's agency YG Entertainment, Seungri (Lee Seung Hyun) withdrew the lawsuit on Jan. 7. 

"At first, we could not make contact with her, so we had no choice but to file the lawsuit," stated YG. "However, we were soon able to reach her and resolved the misunderstanding."

"We were able to smoothly resolve things and ended up withdrawing the lawsuit,"YG clarified.

Unfortunately, the details of why Seungri dropped the lawsuit may never be revealed. When asked how the issue was resolved, an insider stated, "Since it's a personal matter, third parties were not informed. However, both sides were able to reach an agreement easily."

Seungri first filed the lawsuit on Dec. 29, after he was defrauded for 2 billion won. 

According to investigators, Shin Eun Sung convinced Seungri to invest in real estate in June 2014, stating that he could earn over five times his initial investment if he gave her 2 billion won. A few months later, in August, Seungri invested 50 million ($41,000 USD) more won at Sung's request. 

However, development never began and the company was never legally registered, which led to the lawsuit being filed.