BTS's management company Big Hit Entertainment, later confirmed Jungkook was involved in a car accident in the Hannam district of Seoul.
"Both the victim and Jungkook did not sustain any major injuries," Big Hit told BBC News.
"The scene of the accident was resolved and police questioning was completed according to the due process, and an amicable settlement was made with the victim afterwards. We once again apologize to the victim, and we also express apologies for causing concern to fans."
According to Big Hit Entertainment's statement, Jungkook has accepted that the accident was his fault and "admitted violating traffic laws," as reported by ABC News.
Police involved in the investigation told ABC News that alcohol was not a factor and that they would wait to file charges once the damage to the taxi driver is confirmed.
Since news of the accident, the hashtag #JungkookWeLoveYou has been circulating as fans have shown the singer their love.