South Korean Bank Employee Admits to Taking $7.3 Million for Crypto Investments
A staff member at Woori, a South Korean bank, has confessed to taking approximately $7.3 million of company funds for crypto investments. According to reports from News1 and Hanguk Kyungjae, the employee went to the police station on June 10 to admit to the embezzlement.
The employee, who is in their thirties, revealed that they used the money for cryptocurrency investments, many of which ended in losses. Woori Bank discovered the missing funds through internal monitoring, prompting the employee to voluntarily confess to the crime.
Authorities stated that the employee lost around $4.35 million due to failed investments. The police are currently investigating the case and gathering evidence in collaboration with Woori Bank. The employee is cooperating with the ongoing investigation.
Woori Bank plans to seek compensation from the employee and conduct a thorough audit to understand how the funds were misappropriated. The bank is a major player in the South Korean banking industry and holds a stake in Dunmau, the company behind the Upbit cryptocurrency exchange.
Additionally, Woori is looking to venture into security token offerings but is awaiting regulatory approval from Seoul to proceed. Like other banks in South Korea, Woori is exploring opportunities in the crypto space while ensuring compliance with regulations.
