South Korean Bank Employee Embezzles $7.5 Million for Crypto Investments

An employee of Woori Bank in South Korea confessed to police about embezzling $7.3 million from the bank for personal cryptocurrency investments, most of which were unsuccessful.

Azcnews South Korean Bank Employee Embezzles $7.5 Million For Crypto Investments

Local news reports indicate that an unnamed employee visited the West Gimhae Police Station in South Gyeongsang Province on June 10 to confess to their crimes.

Investigators disclosed that the employee, who is in their thirties, had diverted the stolen funds into cryptocurrency investments, aiming to secure personal profits.

Unfortunately, the majority of these investments were unsuccessful, resulting in a loss of $4.35 million from the misappropriated money.

In light of these findings, South Korean authorities have intensified their investigation into the theft. They are collaborating closely with Woori Bank to collect additional information and are expected to seek an arrest warrant soon.

Meanwhile, the bank’s internal monitoring systems had already detected the missing funds before the employee’s admission. The stolen money had reportedly been taken from accounts related to loan operations.

Korea Crypto
Korea Crypto

A police spokesperson stated that the employee is actively cooperating with the ongoing police investigation.

In response to the security incident, Woori Bank has pledged to conduct a comprehensive audit and review its internal control measures. A spokesperson from the bank stated:

“We will thoroughly investigate and address any issues identified to prevent similar occurrences in the future.”

Related: Selling Pressure Weighs on Ethereum Despite Upcoming ETF Trading

Additionally, the bank intends to pursue compensation from the employee for the embezzled funds.

In the past year, South Korea has experienced a significant increase in cryptocurrency-related crimes. According to a report from the nation’s Financial Intelligence Unit (FIU) in February, the watchdog flagged 16,076 suspicious transactions, marking a 48.8% rise since 2022.

In light of this uptick in crypto-related offenses, South Korean authorities are considering establishing a specialized investigative unit to combat these crimes effectively.

0.0/5

Love

Latest

Chartgpt Freezes After Integrating Apple Intelligence

News | Altcoin | Bitcoin | Bitcoin Layer2 | DePin | Editor Choice | GameFi | Memecoin | Newbies

ChartGPT “Freezes” After Integrating Apple Intelligence

The world's leading AI tool, ChartGPT, unexpectedly went offline early this morning after OpenAI integrated Apple Intelligence.

Cz Predicts Bitcoin Will Surge To $850,000

News | Bitcoin | Editor Choice

CZ Predicts Bitcoin Will Surge to $850,000

Another ambitious Bitcoin price prediction comes after Binance co-founder Changpeng Zhao asserted that the asset could rise more than 8x.

How To Complete Kyc For Azcoiner

News | Airdrops | Editor Choice | PRESS RELEASES

How to Complete KYC for AZCoiner

AZCoiner will begin KYC verification process. By completing KYC, you'll unlock exclusive benefits designed to enhance your experience with AZCoiner.

Bitcoin Soars Again, Closes The Day Above $100,000

News | Analytics | Bitcoin | Editor Choice

Bitcoin Soars Again, Closes the Day Above $100,000

Bitcoin has recovered and closed the daily candle above $100,000, raising hopes of further price gains in December.

What Is Magic Eden Informtion About Me Token

News | Editor Choice | NFT | Research

What is Magic Eden? Informtion about ME Token

After OpenSea, Magic Eden is the largest and most reputable NFT marketplace in the cryptocurrency market. Magic Eden supports most networks, with up to 1.4 million users, generating revenue of $58.3 million in 2024. On December 10, 2024, Magic Eden officially listed the ME token.