South Korean Prosecutors Seek 3-Year Prison Sentence for Actress Hwang Jung-eum Over Crypto Embezzlement

South Korean prosecutors are pushing for a three-year jail term for actress and former singer Hwang Jung-eum, accusing her of embezzling billions of won from her own entertainment agency to fund crypto purchases.

Hwang admitted to using 4.3 billion won from company accounts in 2022 to buy digital assets. Prosecutors allege she also secured an 800 million won loan under the company’s name that same year, before funneling much of the money into her personal bank account for further crypto trades.

Channeling Funds Into Crypto Investments

At a recent hearing at the Jeju District Court, prosecutors presented evidence that Hwang conducted more than a dozen similar transactions in 2022, repeatedly diverting company funds into crypto investments.

They also accused her of covering personal expenses — such as property levies and local taxes — with company money.

Her defense team, however, urged the court to show clemency, arguing that Hwang has since liquidated real estate holdings and sold assets to repay the misappropriated funds.

Star Turned Defendant

Hwang first rose to stardom in the late 2000s with her breakout role in the MBC sitcom High Kick Through the Roof. She later cemented her reputation with appearances in dramas like Kill Me, Heal Me and the more recent The Escape of the Seven.

Now, her career faces a dramatic reversal as she stands trial for financial misconduct.

In court, Hwang expressed remorse, admitting she had shown “poor judgment” and acted with misplaced optimism. She claimed she was encouraged by people around her to invest in crypto “in hopes of growing the company.”

Her lawyers stressed that the firm in question was effectively a one-person agency. A lawyer told the court:

"The defendant created the company to manage her own entertainment industry activities. She owns 100% of the shares and no other entertainers are affiliated with it."

The lawyer added that Hwang had shown "immaturity". But the attorney said the actress was 'deeply reflecting" on the nature of her wrongdoings.