South Korean actress Hwang Jung-eum has admitted to embezzling $3.1 million in a crypto-related scheme, drawing widespread media and legal attention.
Following her court admission that she had embezzled more than $3 million from her agency for cryptocurrency investments, South Korean actress Hwang Jung-eum was kicked out of a major TV show and advertising campaign.
When she appeared in Jeju District Court last week, the 39-year-old admitted to stealing ₩4.34 billion from a one-person business she owned and ran.
Under Korea’s Act on the Aggravated Punishment of Specific Economic Crimes, the prosecution has filed charges against her.
Hwang Jung-eum is removed from the last episode of “Because I’m Single” on SBS Plus.
The consequences were immediate. On Tuesday, SBS Plus announced the removal of Hwang’s entire video from the final episode of the reality series Because I’m Single.
Her MC comments would also be “minimized,” according to the network.
“I truly regret raising any concerns. In a public apology released through her new agency, Y. One Entertainment, Hwang stated, “I made the investment in hopes of growing the company, but it was a hasty and immature decision.”
Citing “changes in internal schedules,” health supplement company Daesang Wellife Nucare canceled a linked online event and removed recently released advertisements that featured the actress.
According to Hwang’s legal team, the embezzled money came from her personal entertainment income and was momentarily retained by her business because of corporate prohibitions on cryptocurrency ownership.
According to her lawyer, “The agency’s profits are derived from her work, so they effectively belong to her.”
According to reports, Hwang Jung-eum has liquidated some of her cryptocurrency holdings and is preparing to sell real estate to pay for the remainder.
August is the date of her upcoming court appearance. She manages a well-publicized divorce and a recent effort at a comeback on national television as the case progresses.
The $540K Crypto Scam Ring Is Busted in South Korea.
A significant cryptocurrency scam ring that cheated at least 48 victims out of ₩734 million ($540,000) by pretending to be crypto consultants led to the arrest of 25 people by South Korean authorities last week.
To trick victims into making higher investments, the gangs ran phony call centers and cryptocurrency exchanges that displayed fictitious gains.
The crooks vanished after ignoring the victims’ attempts to withdraw.
Authorities warn that there may be more victims despite having apprehended 20 people and continuing their investigation.
Ahead of South Korea’s presidential elections, institutional cryptocurrency investment is gaining political backing.
Following the Constitutional Court’s decision earlier this year to impeach President Yoon Suk-yeol, South Korea is scheduled to hold elections on June 3. Lee is ahead by roughly 20% in the majority of polls.
The DP has made crypto commitments in response to the PPP’s attempt to win over younger people with policies sympathetic to cryptocurrency.
On May 13, the party established a Digital Asset Committee led by MP Min Byoung-dug, who supports business.
Min has previously advocated for tax parity between cryptocurrency investors and South Korean stock traders. Additionally, he has lobbied Seoul to approve Bitcoin spot ETFs.
