Hwang Jung-eum’s Shocking ₩4.34 Billion KRW Crypto Embezzlement: Public Apology, But Fallout Continues
Actress Hwang Jung-eum is facing serious legal repercussions after admitting in court to embezzling 4.34 billion KRW (approximately 3.1 million USD) from her own agency to fund cryptocurrency investments.
The Shocking Trial
The first trial was held on May 15 at the Jeju District Court, presided over by Judge Lim Jae-nam of the court’s 2nd Criminal Division. Hwang is being prosecuted under the Act on the Aggravated Punishment of Specific Economic Crimes for embezzlement.
According to the indictment, Hwang diverted funds from her family-owned agency, in which she holds 100% ownership, from early 2022 through December of that year. Among the funds misappropriated was ₩700 million, which she claimed as an advance payment before channeling it into crypto investments. In total, approximately 4.2 billion KRW (approx. 3 million USD) of the embezzled money was used for cryptocurrency-related activities.
Her legal team acknowledged the charges, stating in court, “There is no dispute regarding the facts of the indictment.” They further explained that since corporations in Korea cannot legally hold cryptocurrency assets, Hwang invested under her personal name, believing it would benefit the company’s growth.
The defense also emphasized that since the agency’s revenue is derived solely from Hwang’s own entertainment work, the funds could be viewed as closely tied to her personal income. “Some of the losses have already been repaid through coin sales,” they noted, adding that she is currently working to repay the remainder by selling real estate assets.
Hwang’s side appealed to the court for leniency based on her motives and ongoing efforts to make restitution. The court granted a continuation of the trial to allow more time for repayment.
Hwang Jung-eum Issued an Apology Over Embezzlement Case
On May 15, Hwang released a statement saying, “I’m deeply sorry for causing concern over such a shameful matter.” She explained, “The entertainment agency involved is a family-owned company in which I hold 100% of the shares, and no other entertainers were ever signed to it. All of its profits came solely from my personal activities.”
She continued, “In 2021, someone close to me encouraged me to grow the company’s assets through cryptocurrency investment. Wanting to build the business, I made the poor decision to invest company funds into crypto funds that, while under the company’s name, were essentially earnings from my own work.”
Hwang admitted, “Although I suffered losses from the crypto investment, I take some comfort in the fact that there were no third-party victims. I own 100% of the company shares, there are no other creditors except banks with secured claims, and no other celebrities were affected.”
Fallout Continues
Despite her public apology, the fallout has been swift. New Care, a health food brand under Daesang WellLife, deleted all advertisements featuring Hwang Jung-eum from social media and YouTube on May 15.
This came just three days after a promotional campaign was launched featuring the cast of High Kick Through the Roof, including Hwang. In the print version of the campaign, Hwang alone was removed from the layout. A related comment event was also abruptly terminated, with New Care citing internal scheduling adjustments.
The campaign had sparked attention for its fictional continuation of High Kick, portraying Hwang and co-star Choi Daniel as a married couple with a daughter. Fans of the sitcom expressed disappointment over the disruption caused by the scandal.
This case has attracted significant public attention, not only due to Hwang’s celebrity status but also because it touches on the legal and ethical complexities surrounding the use of company funds and cryptocurrency investment in Korea’s entertainment industry.
Hwang Jung-eum’s case is also drawing attention as potentially the first instance of a Korean celebrity investing such a massive sum into cryptocurrency. While other celebrities have casually mentioned crypto investments on variety shows in the past, the exact figures had never been publicly disclosed until now.
Hwang, a former singer-turned-actress, is best known for her roles in hit dramas such as She Was Pretty and Kill Me, Heal Me. Her next court date is yet to be announced.