South Korean officials embezzled public funds to invest in cryptocurrency, involving an amount of 497 million won

According to ChainCatcher, citing Yonhap News, the latest investigation by the Korean Audit and Inspection Agency (BAI) shows that a public servant in Cheongju, South Korea, embezzled 497 million won (approximately 342,000 USD) of public funds for personal cryptocurrency investments and debt repayment. The official forged documents and misused the mayor's seal to open bank accounts, transferring funds to personal accounts. The embezzled funds included disaster relief donations urgently needed after the flood in July last year.

The public servant, referred to as "Mr. A," was sentenced to 5 years in prison last December, and the case is currently under review by the high court. The investigation revealed that his embezzlement activities lasted nearly 6 years (from November 2018 to May 2023). The audit report pointed out that the official was able to forge project expenditures and approve electronic transactions without proper oversight. The Cheongju City Hall has been requested to dismiss the official and take disciplinary action against other related personnel.