Actor Hwang Jung-eum apologizes after admitting to embezzlement for crypto investment
Published: 16 May. 2025, 09:07
Updated: 16 May. 2025, 09:08
![A picture of actor Hwang Jung-eum uploaded on her Instagram account [SCREEN CAPTURE]](https://koreajoongangdaily.joins.com/data/photo/2025/05/16/edf610ec-8cb2-4196-aafe-9c8545547207.jpg)
A picture of actor Hwang Jung-eum uploaded on her Instagram account [SCREEN CAPTURE]
Actor Hwang Jung-eum issued a public apology for her "misjudgment" on Thursday evening after admitting in court to embezzling funds from her own company to invest in cryptocurrency.
“I apologize for causing concern with such a shameful matter,” Hwang said in a statement released through her agency Y.One Entertainment.
“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.”
Hwang explained that in 2021, she was advised by someone close to her to invest in cryptocurrency using company funds.
“I made the investment in hopes of growing the company, but it was a hasty and immature decision,” she said. “Though the funds were under the company’s name, they were earnings from my own work, and I misjudged the situation.”
The crypto investment resulted in losses, but she emphasized that “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 added that she is working to rectify the financial relationship with the company.
“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 “I’ve repaid a large portion of the funds that were withdrawn in the form of temporary payments by liquidating personal assets, and I’m in the process of repaying the remaining amount.”
![A picture of actor Hwang Jung-eum uploaded on her Instagram account [SCREEN CAPTURE]](https://koreajoongangdaily.joins.com/data/photo/2025/05/16/c6babf02-e887-4a10-8019-6ec1f5d62926.jpg)
A picture of actor Hwang Jung-eum uploaded on her Instagram account [SCREEN CAPTURE]
Earlier on Thursday, Hwang admitted to all charges during a hearing at the Jeju District Court.
She was indicted on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes.
She admitted to taking 4.3 billion won ($3 million) in company funds from her family-owned agency in 2022 and using a majority of the funds to invest in cryptocurrency.
"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," Hwang's attorney told the court.
“Since the agency’s profits ultimately stem from the defendant’s own work, they can be seen as rightfully belonging to her,” the lawyer added.
Hwang has already sold some of the crypto assets to repay part of the losses and plans to sell her real estate to cover the rest, according to the lawyer.
The defense requested more time to arrange restitution, and the court accepted the request. A second hearing is scheduled for August.
Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY JANG GU-SEUL [[email protected]]
with the Korea JoongAng Daily
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