South Korean Official Faces Disciplinary Action Over Embezzlement for Crypto Investment

According to Odaily, South Korea's Board of Audit and Inspection has urged Cheongju City to impose severe disciplinary measures on an official accused of embezzling public funds for personal cryptocurrency investments. The official, who worked with student-related funds and subsidies at the Cheongju City Government, allegedly embezzled approximately 600 million Korean won (around $416,244) over seven years. The individual has already been charged and convicted for the same offense. The committee has the authority to impose further penalties and has recommended minor disciplinary actions against five of the official's superiors. Additionally, the city may impose further fines on the same official. Public officials found guilty of embezzlement or misappropriation of public funds may face not only disciplinary actions but also a 'disciplinary surcharge,' which can be up to five times the amount embezzled or misappropriated.