The crypto craze is gaining momentum again, with a new wave of crimes worldwide.
A South Korean civil servant has been charged with embezzling over $400,000 and investing in crypto.
The accused forged documents to siphon these funds and is now being investigated.
So far, authorities have seized various properties and assets to recoup these losses.
This case is part of a larger trend of crypto-related crimes within the country.
Even if the market doesn't look the part, the crypto craze is ongoing and massive—especially in light of the final lap of the ongoing bull market.
This week, a South Korean civil servant was charged with embezzling over $400,000
in a shocking case of financial misconduct.
The civil servant then proceeded to invest in crypto, which shows the growing trend of investor accumulation and the growing rash of crypto-related scams in and outside South Korea.
According to a report by the Yonhap News Agency, the Cheongju District Prosecutors' Office arrested and charged a civil servant classified as a "grade six" worker for embezzling approximately 600 million won (around $438,000) within seven years, from January 2017 to the present.
The prosecutors mentioned that said worker was in charge of student work placements and support projects for North Korean defectors settling within the district.
While performing these duties, the accused is said to have forged official documents and used them to siphon away nearly half a million dollars, most of which were funnelled into crypto investments and stock trading.
In response to these crimes, a spokesperson for the Cheongju District Prosecutors' Office mentioned that they had now seized several properties and assets, including apartments and vehicles, in an effort to reclaim the embezzled funds.
"We will ensure our case is solid so that the defendant is sentenced appropriately for this crime," the spokesperson stated.
According to reports, this case is not an isolated incident. In fact, several government officials have been implicated in crypto-related crimes over the years.
One such example is the November 2022 incident in which a civil servant was caught trading $DOGE on his phone during an official meeting.
Another employee from the country’s Health Insurance Corporation was also arrested in the Philippines after allegedly embezzling approximately $3.5 million.
The individual used these funds to buy crypto before fleeing the country and starting a new life in the Philippines.
A local news outlet, Chosun, also reported in 2021 about three crypto exchanges that allegedly siphoned funds illegally from their customers' accounts.
Overall, as the crypto craze continues to worsen, the need for regulation becomes ever more pressing, especially as South Korea continues to make efforts to strengthen its crypto regulations.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.