Illionaire Records has closed after nearly 10 years of operation.

On July 6 KST, the hip-hop label took to their official Instagram account to announce the news, writing: "Illionaire Records has completed a long 10-year journey, and our artists will be taking on new challenges in their respective positions. Thank you sincerely for all of the support and love you have given us over the years."

The decision was made after The Quiett remained the only active artist left on the label. Back in February of this year, The Quiett's Illionaire Records co-founder rapper Dok2 left the label, and earlier this week, it was reported that other remaining rapper Beenzino was also considering making his departure.

Meanwhile, Illionaire Records was established in 2011.

The label's announcement can be seen below.