South Korean actress Hwang Jung-eum, beloved for roles in She Was Pretty and Kill Me, Heal Me, has sparked outrage after admitting to embezzling $3.1 million from her own company to invest in cryptocurrency. The 39-year-old star confessed in court to siphoning funds from Y.One Entertainment, her one-person agency, which has led to her removal from a reality show and severed brand deals.
Hwang Faces Scandal Over Embezzlement
Acting on advice from a close associate, the South Korean actress withdrew $3.1 million from her agency’s accounts between early 2022 and December 2022 to invest in crypto. Her lawyer argued that the funds were her earnings, temporarily held in her name due to legal restrictions on corporate crypto investments. The legal representative added that the funds were intended to grow the company.
However, the move backfired, resulting in losses. Hwang admitted to the charges at Jeju District Court under the Act on the Aggravated Punishment of Specific Economic Crimes, with no dispute over the facts. She has repaid some losses by liquidating crypto assets and plans to cover the rest by selling property.
The court delayed proceedings to allow her to execute this compensation plan, signaling a focus on restitution. Authorities are treating the case seriously, reflecting South Korea’s strict stance on financial misconduct, especially involving high-profile figures. Hwang issued a public apology, calling her decision “hasty and immature,” but the damage to her reputation is done.
South Korea’s Crackdown on Crypto Crimes
South Korea has intensified scrutiny of crypto-related crimes amid the growing popularity of digital currency. Recent cases, like a civil servant’s $342,000 embezzlement for crypto and the $40 billion Terraform Labs collapse, highlight the government’s push to curb fraud and protect investors. Harsh penalties, including prison sentences, are common as authorities aim to regulate the volatile market.
Hwang’s case strengthens this trend, with her high-profile status increasing public and legal attention. The scandal has shocked the film industry, where trust in celebrities is crucial. The entertainment industry braces for more fallout, with fans and brands watching closely.
