Korean actress stole $3,1 million to buy cryptocurrency

Key points:

• Prosecutors have requested a three-year prison sentence for renowned South Korean actress Hwang Jung-eum for embezzling funds from her own agency.
• Prosecutors presented evidence that in 2022, she made more than a dozen transactions totaling 4,2 billion Korean won.
• The court is scheduled to resume the hearing at the end of September to deliver its verdict.

Prosecutors have asked a South Korean court to sentence actress and former singer Hwang Jung-eum to three years in prison for embezzling funds from Hunmin Jeong-eun Entertainment to purchase cryptocurrency. Back in May, at the first court hearing, Hwang admitted to using 4,3 billion Korean won ($3,1 million) of her agency’s funds to purchase cryptocurrency in 2022.

Hwang Jung-eum: Accusations of purchasing cryptocurrency

Prosecutors allege that the star also took out a loan of 800 million won ($571 866) in July 2022 on behalf of the same company. They told the Jeju District Court that Hwang then transferred most of the funds to her personal bank account and used them to purchase cryptocurrency.

I wanted to grow the company, and in 2021, someone around me suggested I try to increase the company’s funds through cryptocurrency investment. Even though the funds were under the company’s name, they were earnings from my own activities. I now realize it was a careless decision to jump into an area I knew little about.

Prosecutors presented evidence that in 2022, she made more than a dozen similar transactions, repeatedly using company money to purchase cryptocurrency. They also accused Hwang of using company funds to pay her bills, including property and local taxes.

Defense asks court for leniency

South Korean newspaper The Hankyoreh reported that Hwang’s lawyers provided the court with evidence that the actress had sold real estate and crypto assets to pay off her debts. Between late May and early June 2023, she fully repaid her debts, confirming this with documentation. Even though the damage has been fully compensated, the actress still faces imprisonment for committing financial crimes on a particularly large scale.

The court is scheduled to resume the hearing at the end of September to deliver its verdict.