Actress Hwang Jung-eum is facing serious legal repercussions after admitting in court to embezzling 4.34 billion KRW (approximately 3.1 million USD) from her own agency to fund cryptocurrency investments.
The first trial was held on May 15 at the Jeju District Court, presided over by Judge Lim Jae-nam of the court’s 2nd Criminal Division. Hwang is being prosecuted under the Act on the Aggravated Punishment of Specific Economic Crimes for embezzlement.
According to the indictment, Hwang diverted funds from her family-owned agency, in which she holds 100% ownership, from early 2022 through December of that year. Among the funds misappropriated was ₩700 million, which she claimed as an advance payment before channeling it into crypto investments. In total, approximately 4.2 billion KRW (approx. 3 million USD) of the embezzled money was used for cryptocurrency-related activities.
Her legal team acknowledged the charges, stating in court, “There is no dispute regarding the facts of the indictment.” They further explained that since corporations in Korea cannot legally hold cryptocurrency assets, Hwang invested under her personal name, believing it would benefit the company’s growth.
The defense also emphasized that since the agency’s revenue is derived solely from Hwang’s own entertainment work, the funds could be viewed as closely tied to her personal income. “Some of the losses have already been repaid through coin sales,” they noted, adding that she is currently working to repay the remainder by selling real estate assets.
Hwang’s side appealed to the court for leniency based on her motives and ongoing efforts to make restitution. The court granted a continuation of the trial to allow more time for repayment.
This case has attracted significant public attention, not only due to Hwang’s celebrity status but also because it touches on the legal and ethical complexities surrounding the use of company funds and cryptocurrency investment in Korea’s entertainment industry.
Hwang, a former singer-turned-actress, is best known for her roles in hit dramas such as She Was Pretty and Kill Me, Heal Me. Her next court date is yet to be announced.
