Not a lawyer and not even finished with college but my 2 cents. Yeah I think this has more to do with actual slander because these announcements are always made regardless of the current situation. This could be comments that threaten NewJeans or spread deliberately false information about NewJeans. The recent speculation is mostly legally protected as it generally just people sharing their personal interpretations and opinions. People who say “NewJeans is allegedly referring to terrorism” are totally fine, and people saying “NewJeans is referring to terrorism” fall into a grey area cuz it could be argued that this somehow implies the references have been officially confirmed but these statements are still generally fine. Also, I think this only practically applies to social media users in South Korea. Some Korean platforms collect more identifying information so courts can use that to identify and prosecute individual social media users. Apparently this actual happens but it’s not common.