South Korean Prosecutors Demand 3-Year Jail Term for ‘Crypto-Embezzling’ Actress Hwang Jung-eum

Prosecutors have asked a South Korean court to send the actress and former singer Hwang Jung-eum to prison for three years for embezzling company funds to spend on crypto.

Hwang has admitted to using 4.3 billion won ($3.1 million) worth of funds belonging to her entertainment agency to buy cryptoassets in 2022.

Prosecutors claim that the star also took out an 800 million won ($571,866) loan in July 2022 under the same company’s name.

They told a branch of the Jeju District Court that Hwang then sent most of these funds to her personal bank account, and then used this money to buy crypto.

Prosecutors presented evidence that she made over a dozen similar transactions in 2022, repeatedly using company money to buy coins.

They also accused Hwang of using company funds to pay her bills, including property levies and local taxes.

Her defence team asked the court for leniency, claiming that she had since sold her assets to pay the company back.

The court is set to reconvene in late September for sentencing.

Hwang shot to fame in the late 2000s when she appeared in the hit MBC sitcom High Kick Through The Roof.

She has also appeared in more recent hit dramas, such as Kill Me, Heal Me (2015) and The Escape of the Seven (2023–2024).

Actor Hwang Jung-eum admitted to taking 4.3 billion won ($3 million) in company funds from her family-owned agency, a majority of which she invested in cryptocurrency, while testifying in a trial on Thursday, News1 reported.https://t.co/4SA66LKBeh

The South Korean newspaper The Hankyoreh reported that Hwang’s legal team told the court that she had sold real estate holdings to help her repay her debts.

The team submitted legal documents to the court to help prove the veracity of these claims.

Hwang also claimed that she had made crypto purchases “with the encouragement of people around me in hopes of growing the company.”

Actress Hwang Jung-eum on trial for embezzling $31 million for crypto investmenthttps://t.co/FssMALivqB

She admitted that she had shown “poor judgment” in the matter. Hwang apologized and said she had had “reflected” on her actions.”

Hwang’s defense team also asked the court to consider the fact that the company is question was a one-person agency. A lawyer told the court:

“The defendant created the company to manage her own entertainment industry activities. She owns 100% of the shares, and no other entertainers are affiliated with it.”

The lawyer added that Hwang had shown “immaturity.” But the attorney said the actress was “deeply reflecting” on the nature of her wrongdoings.

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