South Korean official stole budget funds to invest in bitcoin

An employee of the Mokpo Sports Council had been transferring money to her husband’s account and then spending it on buying digital assets and gambling

25.07.2022 - 09:45

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1 min

What’s new? Representatives of the Mokpo Sports Council in South Korea discovered irregular, strange withdrawals from the organization’s account, with an excessive amount of money being charged to expenses. During the questioning, the sports council’s accountant confessed to embezzlement. In total, she stole 480 000 000 won ($365 550), which she spent on crypto investments, the local outlet KBC reports.

Material by KBC

What else is known about embezzlement? Since March 2022, an employee of the organization stole budget money 20 times. She admitted to transferring funds to her husband’s account, after which the couple spent it on bitcoin investments and Internet gambling.

The embezzled budget funds included the salaries of the heads and staff of the council. Now the organization is unable to pay salaries to employees in full.

Earlier in Russia, the first criminal case on the embezzlement of crypto exchange assets was opened. One of the owners was detained on suspicion of stealing users’ assets. During the searches, 50 million Russian rubles, $1 million, 70 000 EUR, as well as expensive computer equipment and hardware crypto wallets were seized.

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