Quick Breakdown
- South Korean actor Hwang Jung-eum received a two-year prison sentence, suspended for four years, for embezzling over $3 million from her agency.
- Hwang diverted about 4.2 billion won into cryptocurrency investments before repaying the full amount during court proceedings.
- The court considered her repayment and first-time offender status in granting a suspended sentence despite prosecutors seeking three years.
South Korean actor Hwang Jung-eum has been handed a suspended prison sentence for embezzling billions of won from her own agency to fund a cryptocurrency investment. The Jeju District Court on Thursday sentenced Hwang to two years in prison, suspended for four years, after finding her guilty of violating the Act on the Aggravated Punishment of Specific Economic Crimes.
Funds diverted into crypto markets
According to court records, Hwang embezzled approximately 4.34 billion won ($3 million) from her agency in early 2022. The company, which was solely owned by the actor and managed only her career, was used to channel the funds. Investigators stated that about 4.2 billion won of the embezzled amount was invested in cryptocurrency projects, while the remaining balance was used to pay property and local taxes through credit card transactions.
During her initial hearing in May, Hwang admitted to all charges and requested additional time to repay the funds. By June, she had sold personal assets and returned the full amount in installments. Her legal team argued that the crypto investment was intended to grow the company and was carried out without a proper understanding of financial or tax regulations.
Court considers repayment and first-offence status
The court acknowledged that Hwang had repaid the entire sum and noted her lack of prior criminal history in issuing a suspended sentence rather than immediate imprisonment. Prosecutors had originally sought a three-year prison term.
Hwang expressed remorse during her final hearing in August, telling the court she had “neglected financial and tax matters” and deeply regretted her actions. Despite the repayment, the case has damaged her public image, with advertisers cutting ties and television programs editing her out of scheduled appearances.
In a separate development underscoring the risks of the crypto sector, blockchain security firm PeckShield reported that $163 million was stolen in August through hacks and exploits—up 15% from July’s $142 million—across roughly 16 major incidents.
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