Female actress Hwang Jung-eum Faces Heavy Criticism After Embezzling $3 Million to Invest in Crypto
Hwang Jung-eum, a famous South Korean actress, is facing a wave of criticism after admitting to embezzling $3.1 million (4.34 billion won) from her own company to invest in cryptocurrencies. The scandal has not only shaken the Korean entertainment industry but also caused her to lose many advertising contracts and be kicked off TV shows.
At her trial at the Jeju District Court last week, Hwang admitted that she used money from her company – a family business run by herself – to buy digital assets. She was indicted under South Korea’s Act on Aggravating Punishment for Special Economic Crimes.
In a statement released through her new agency, Y.One Entertainment, Hwang said, “I sincerely apologize for disappointing the public with this thoughtless action. I invested with the intention of developing the company, but it was a wrong and immature decision.”
Shortly after the incident broke out, the reality show Because I’m Single, which Hwang hosted, decided to completely remove her from its final episode, which aired on Tuesday night. “Hwang Jung-eum’s VCR segments will not be aired and her commentary will be cut to the minimum,” the show’s production team announced.
Major brands were also quick to withdraw from the actress. Daesang Wellife Nucare, a brand known for its line of nutritional drinks, removed all promotional content featuring Hwang just days after its release. Promotional videos were removed from social media and an online event was canceled due to “internal scheduling changes.”
Hwang’s scandal comes at a time when her personal life has also been turbulent, as she is in the process of getting a divorce. Her return to television last October was considered a notable comeback after a long absence.
On the legal side, Hwang’s legal team argued that the embezzled money was actually profits from her personal entertainment career, and was temporarily held under the company’s name to comply with legal regulations, as companies in South Korea are restricted from holding digital assets.
Hwang has reportedly begun selling cryptocurrency assets to repay part of the misappropriated money and pledged to liquidate real estate to repay the rest. The second hearing in the case is scheduled for August.
The incident continues to spark debate about the lack of financial control in the entertainment industry and the potential risks of cryptocurrency investments, especially in the context of the blockchain industry increasingly penetrating public life in South Korea.