South Korean Actress Hwang Jung-eum Admits to $3.1M Crypto-Driven Embezzlement

Key Takeaways:

• Hwang Jung-eum admitted to embezzling ₩4.34B ($3.1M) from her own agency to invest in crypto.
• SBS Plus removed her from the final episode of “Because I’m Single.”
• Hwang has begun liquidating assets to repay the money ahead of a second hearing in August.

South Korean actress Hwang Jung-eum has been removed from a major TV broadcast and commercial campaign after admitting in court to embezzling over $3 million from her own agency for cryptocurrency investments.

The 39-year-old appeared before Jeju District Court last week, where she confessed to misappropriating ₩4.34 billion from a one-person agency she owned and operated.

The prosecution has charged her under Korea’s Act on the Aggravated Punishment of Specific Economic Crimes.

The fallout was immediate. On Tuesday, SBS Plus announced that all of Hwang’s footage had been cut from the final episode of the reality show Because I’m Single.

The network said her MC commentary would also be “minimized.”

“I sincerely apologize for causing concern. I made the investment in hopes of growing the company, but it was a hasty and immature decision,” Hwang said in a public apology issued through her new agency, Y.One Entertainment.

Meanwhile, health supplement brand Daesang Wellife Nucare pulled newly launched ads featuring the actress and canceled a related online event, citing “changes in internal schedules.”

#HwangJungEum admits that she uses family company funds to invest in cryptocurrency. She was indicted without charges of embezzling approx. 4.3 billion won (from early 2022- Dec 2022).

The lawyer stated that the defendant (Hwang) invested in crypto with the intention of growing… pic.twitter.com/ZyGE5aJVT8

Hwang’s legal team argued that the embezzled funds originated from her own entertainment income, held temporarily by her company due to corporate restrictions on crypto ownership.

“The agency’s profits come from her personal work, so they effectively belong to her,” her attorney stated.

Hwang has reportedly sold a portion of her crypto assets and is preparing to liquidate real estate to cover the rest.

Her next court date is set for August. The case unfolds as she navigates a highly publicized divorce and a recently attempted comeback on national television.

Last week, South Korean police arrested 25 individuals tied to a major crypto scam ring that defrauded at least 48 victims out of ₩734 million ($540,000) by posing as crypto advisors.

The groups operated fake call centers and counterfeit crypto exchanges, showing false profits to lure victims into larger investments.

When victims tried to withdraw, they were ignored, and the scammers disappeared.

Authorities have detained 20 suspects and continue investigating, warning that more victims may exist.

Meanwhile, political support for institutional crypto investment is growing ahead of South Korea’s presidential elections.

South Korea is set to go to the polls on June 3 after the Constitutional Court ruled to impeach President Yoon Suk-yeol earlier this year. Lee leads in most polls by a margin of about 20%.

The DP has responded to the PPP’s bid to woo younger voters with crypto-friendly policies with its own crypto pledges.

The party launched a Digital Asset Committee on May 13, headed by the pro-industry lawmaker Min Byoung-dug.

Min has previously called for tax parity between South Korean stock traders and crypto investors. He has also urged Seoul to green-light Bitcoin spot ETFs.

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