South Korean Teacher Slapped with 2-Year Jail Sentence

A South Korean court has sentenced a teacher to two years in prison for embezzling funds from students and their parents to finance cryptocurrency purchases.

The teacher, in their 30s and unnamed, appealed the verdict, but the Jeju District Court upheld the decision.

The court found that the teacher had stolen 80 million won ($54,500), largely spent on undisclosed crypto assets, and also engaged in fraudulent activities, including selling second-hand goods through an online scam worth around 7 million won ($4,770).

Defendant’s Appeal Rejected by Court

The court rejected the defendant's appeal, highlighting that the original trial judge had already considered the teacher's expressed remorse.

The defense had also argued that the defendant had repaid part of the stolen funds, but the appellate court ruled this did not warrant reconsideration in sentencing.

It emphasized that the lower court’s November ruling had already factored in this repayment.

Is Crypto Crime Rising in Jeju?

The court heard that the defendant, a high school teacher in Jeju, began embezzling funds in March of the previous year after learning of financial difficulties faced by some students.

The teacher exploited this knowledge, promising to resolve the issues but instead took money from both students and their parents.

However, the teacher failed to return the stolen funds.

Additionally, the teacher borrowed approximately $4,000 from various acquaintances but also neglected to repay these loans.

The prosecution further revealed that the teacher used most of the stolen money for cryptocurrency investments.

This case is part of a broader trend of crypto-related crimes that have made headlines in Jeju, including the chilling suspected murder of an over-the-counter (OTC) crypto trader found dead in a luxury hotel room in February.