South Korean actor Hwang Jung-eum admitted in court to embezzling about $3.1 million (₩4.34 billion) from her family-run agency to invest in cryptocurrency.
This revelation, made during her testimony at the Jeju District Court, has led to significant backlash and professional consequences.
Following the revelation, SBS Plus removed all of Hwang’s segments from the final episode of its reality show Because I’m Single. The production team announced that her video clips and comments as a host would be minimized or omitted entirely from the broadcast airing on Tuesday evening, reflecting the network’s response to public outcry.
The scandal also prompted advertisers to sever ties with the actor. Daesang Wellife Nucare, a health drink brand, pulled down promotional content featuring Hwang just days after its release. The company deleted ads and videos from its official social media channels and cancelled a related online event, citing “changes in internal schedules” as the reason for the abrupt withdrawal.
Hwang’s legal team contended that the funds were her personal entertainment income temporarily held under the agency’s name due to restrictions on corporate crypto holdings in South Korea. They argued that since the agency’s profits originated from Hwang’s work, the money rightfully belonged to her.
In response to the controversy, Hwang has sold some of her cryptocurrency assets to repay part of the embezzled sum and plans to liquidate real estate holdings to cover the remainder. A second court hearing is scheduled for August. This scandal emerges amid a difficult personal period for Hwang, who is currently undergoing a divorce.
In another development, Conor McGregor’s memecoin, REAL Memecoin, failed to meet its $1 million presale goal and raised significantly less, leading to a pause in operations and the issuance of refunds. This highlights the challenges and skepticism surrounding celebrity-backed cryptocurrency projects, especially when they lack a clear purpose or development plan in a competitive market.
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