Hwang Jung-eum Used Embezzled Funds for Crypto, Taxes, and Card Payments
Jul 11, 2025
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According to the Chosun Ilbo on the 11th, Hwang Jung-eum borrowed 800 million won from Jeju Island on July 11, 2022, under the name of the agency he is the real owner, and took out 700 million won from the agency's account in the name of provisional payment to invest the entire amount in virtual currency. In this way, Hwang Jeong-eum took out a total of 4,341,636,068 won of the company's funds into his personal account 13 times until October of that year, of which 4,214,324,980 won was spent on virtual currency investments. In the process, he reportedly paid 4,439,796 won in card prices and 1,0402,552 won in stock mortgage interest as embezzled money to pay property taxes and local taxes imposed on him.
The Jeju District Prosecutors' Office indicted Hwang Jung-eum on charges of embezzlement under the Specific Economic Crimes Aggravated Punishment Act on December 31 last year. The company is a family corporation with a 100% stake in Hwang Jung-eum and her family. However, even if it is a single shareholder, it could be a crime of embezzlement if the company's funds are used privately, and the amount of money was large, which became a problem.
Hwang Jung-eum admitted all of his charges in his first trial in May. It was an action to grow the company through virtual currency investment.
Later, Hwang Jung-eum, through his agency, Y1 Entertainment, disposed of his private property and reimbursed him on both May 30 and June 5. As an owner of a single corporation, not a professional manager, he deeply reflects on the lack of proper tax accounting knowledge that caused a stir. We are faithfully implementing all legal and moral measures for prompt resolution" he said.
The next hearing is scheduled for Aug. 21.
Reporter Baek Ji-eun silk781220@sportschosun.com
silk781220@sportschosun.com
