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.

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