Hwang Jung-eum apologizes for embezzling $3.1 million for crypto investment

Actor Hwang Jung-eum / Courtesy of CJeS Entertainment

Actor Hwang Jung-eum has issued a public apology for embezzling funds from her family-run entertainment agency and admitted to investing 4.3 billion won ($3.1 million) in cryptocurrency.

In a statement released through her agency, Y.ONE Entertainment, on Thursday, she said, “First, I sincerely apologize for causing concern over such a shameful matter. I established and operated an agency to manage my acting career, and I am the sole shareholder. No other artists have ever been signed to the company, and all its revenue came from my own work.”

Hwang said she was encouraged by an acquaintance to invest in cryptocurrency using the company’s funds in hopes of growing the business in 2021. “Although the funds belonged to the company, they were earned through my own activities. I now realize that it was a poor and inexperienced decision,” she said.

While she acknowledged losses from the failed investment, Hwang said that there were no third-party victims, as she holds 100 percent ownership of the company and no creditors are involved apart from banks with secured loans.

She added that she has already repaid a significant portion of the misused funds by liquidating personal assets and is in the process of clearing the remaining balance. “I will take full responsibility as needed,” she said.

Hwang is currently is standing trial for embezzling funds from her family-owned entertainment agency to invest in cryptocurrency. The Jeju District Court held the first hearing on Thursday for Hwang, who was indicted without detention on embezzlement charges.

According to prosecutors, Hwang is accused of embezzling around 4.3 billion won ($3.1 million) from a family-run company in which she holds a 100 percent stake. Of that, about 4.2 billion won was allegedly used to purchase virtual assets.

Hwang debuted as a member of the K-pop girl group Sugar in 2002 before quitting the act in 2004 to launch a solo career. After being catapulted to fame as an actor in the sitcom, "High Kick Through the Roof" (2009–10), she starred in many popular dramas such as, "Listen to My Heart" (2011) and "Kill Me, Heal Me" (2015).

This article from the Hankook Ilbo, the sister publication of The Korea Times, is translated by generative AI and edited by The Korea Times.