The First Public Trial of South Korean Star Hwang Jung-eum's Case of Embezzling Company Funds for Crypto Investment

According to South Korean media reports on May 15th, the Jeju District Court held the first public trial on the case of actress Hwang Jung-eum's alleged embezzlement of company funds on that day. Hwang Jung-eum debuted as a member of the girl group Sugar and later switched to acting, enjoying a certain reputation in the South Korean entertainment industry.

The prosecution accused that since the beginning of 2022, Hwang Jung-eum obtained funds from the brokerage company she actually controlled and embezzled approximately 4.34 billion won under the guise of petty cash and other names. Among them, about 4.2 billion won was used for cryptocurrency investment. This brokerage company is a family business with 100% shares held by Hwang Jung-eum.

During the court session, Hwang Jung-eum's side admitted to the facts of the public prosecution. Her defense lawyer stated that the investment in cryptocurrency was for the development of the company. Since legal persons cannot hold cryptocurrency, it was invested in her personal name. Some cryptocurrencies have been sold to repay the losses, and there are plans to sell real estate to cover the remaining losses. The court accepted Hwang Jung-eum's request for compensating the losses.

This case has sparked a heated discussion on the South Korean Internet, and netizens have different opinions on it. Some people believe that as a public figure, Hwang Jung-eum should set an example, while others question the statements of her defense lawyer. Currently, Hwang Jung-eum's affiliated brokerage company said that it is confirming the relevant situation. The subsequent development of the case has attracted much attention.