Hwang Jung-eum Apologizes After Embezzling ₩4.3 Billion for Cryptocurrency Investment
SEOUL— South Korean actor Hwang Jung-eum, best known for her lead roles in popular dramas, has publicly apologized after admitting in court to embezzling billions of won from her own company to invest in cryptocurrency.
In a heartfelt statement released through her agency, Y.One Entertainment, on Thursday evening, Hwang acknowledged the gravity of her actions and asked for forgiveness from the public.
“I apologize for causing concern with such a shameful matter,” she said.
Her apology came just hours after a hearing at the Jeju District Court, where she admitted to all charges under the Act on the Aggravated Punishment of Specific Economic Crimes. Prosecutors indicted her on embezzlement charges related to the unauthorized use of ₩4.3 billion (approximately $3 million) in company funds for speculative crypto trading.
A Risky Investment Decision
Hwang explained that she had founded and operated her own entertainment agency exclusively for managing her personal career. “I established and ran an entertainment agency solely for my career,” she said. “I owned 100 percent of the company, and no other celebrities were ever signed under it. All revenues were generated from my own activities.”
In 2021, she said she was encouraged by someone close to her to invest in cryptocurrency and made the decision to do so using company funds. “I made the investment in hopes of growing the company, but it was a hasty and immature decision,” Hwang admitted. “Though the funds were under the company’s name, they were earnings from my own work, and I misjudged the situation.”
The actor’s attorney explained in court that Hwang had invested the money under her own name due to legal restrictions on corporate cryptocurrency holdings. “The defendant invested in cryptocurrency with the intention of growing the company — and because corporations are not permitted to hold cryptocurrency, the investment was temporarily made under her personal name, which ultimately led to the offense in question,” her lawyer stated.
Despite the legal misstep, the defense emphasized that the company’s profits were entirely generated by Hwang’s personal efforts. “Since the agency’s profits ultimately stem from the defendant’s own work, they can be seen as rightfully belonging to her,” the attorney added.
Efforts Toward Restitution
Although the investment resulted in significant losses, Hwang emphasized that the embezzlement did not harm third-party individuals or other stakeholders. “Since I held all the shares of the company and had no creditors except for banks with secured loans, I believe it’s fortunate that no third parties were harmed,” she said.
Hwang stated that she is taking active steps to repair the damage caused by her financial misjudgment. “I’ve joined a new agency and have completely cut ties with my former company,” she said. “I’ve repaid a large portion of the funds that were withdrawn in the form of temporary payments by liquidating personal assets, and I’m in the process of repaying the remaining amount.”
Her attorney added that she has already sold off some of her crypto assets and is preparing to sell real estate holdings in order to complete the repayment.
Legal Proceedings to Continue
During Thursday’s court session, the defense requested additional time to finalize restitution efforts. The court accepted the request and scheduled a second hearing for August.
Hwang’s case has attracted significant public attention, not only because of her celebrity status but also because it highlights the growing risks and legal complexities tied to cryptocurrency investments in South Korea. While crypto remains a volatile and loosely regulated market, this case serves as a high-profile example of how misjudged financial moves can lead to serious legal consequences—even when made with ostensibly good intentions.
As she awaits her next court appearance, Hwang is working to restore both her finances and her public image. “It was a misjudgment,” she concluded. “I am doing my best to make it right.”
