The head of the Healthcare Security Division of South Korea's National Health Insurance Service, responsible for national health insurance, embezzled 4.6 billion South Korean won of public funds and nearly depleted it through involvement in cryptocurrency
BlockBeats News, July 16th, according to SBS, on July 16th, the chief of the finance department of the National Health Insurance Service, responsible for South Korea's universal health insurance, embezzled 4.6 billion Korean won in public funds but almost lost it all due to participating in a crypto contract transaction.
The South Korean prosecution stated that the supervisor with the last name Choi, in his capacity as the head of the financial management team from April to September 2022, embezzled up to 4.6 billion Korean won through 18 system operations and then fled overseas. The supervisor with the last name Choi was once found splurging at a luxurious resort in the Philippines and was eventually caught in Manila in January 2024.
Through civil litigation, the National Health Insurance Service managed to recover 720 million Korean won, but the remaining over 39 billion Korean won was almost entirely lost in the cryptocurrency contract market by Supervisor Choi, rendering traditional recovery mechanisms ineffective. Supervisor Choi was convicted in the first and second trials by judges who stated, "Public servants are required to be honest, but the method of embezzling a large amount of funds systematically is extremely malicious," and was sentenced to 15 years in prison. The verdict on the 15th upheld the original sentence. (BlockTempo)
You may also like

DeFi has reached its most dangerous moment: the real vulnerabilities are not in the code

Who can make money in the era of Agents?

From brokerages to banks, Hong Kong intensifies efforts to clean up cross-border investment account openings

The trillion-dollar frenzy of selling memory, profits from buying memory are halved

2 years, 225 times the return? Unveiling the mysterious researcher Serenity's AI "bottleneck" investment technique

B.AI partners with BNB Chain to launch the "Billion AI Token Subsidy" celebration, fully igniting the on-chain intelligent agent ecosystem

How did Micron win a trillion-dollar market value while Samsung relies on technology cycles and Hynix relies on HBM?

Senior Public Company Financial Audit: Taking Hashkey as an Example, Discussing Which Account to Include for Exchange Issued Platform Tokens?

Bankless Founder: Why I Sold All My ETH

Morning News | Hyperliquid launches off-chain event prediction market contracts; Strategy completes $1.5 billion debt buyback; Kelp DAO announces rsETH has fully recovered

Morning Report | Binance launches DYOR research tool; YZi Labs launches recruitment platform YZi Talent; Vitalik states that the Ethereum Foundation will "downsize" and reduce the amount of ETH sold

Insiders betting on Musk are reaping "historic returns."

Ten Thousand Characters Breakdown of On-Chain Vaults: Eight Major Tracks, Who is Rising and Who is Declining?

Behind NEAR's Doubling: 3 Major Trends Becoming the Engine of Coin Prices

Visa and Stripe are both working on stablecoins, but their focus is not on payments

How Traders Keep Profits When PEPE WLD and FET Start Moving Fast Again

It's easy to conquer a city, but difficult to govern it: Polymarket wants to establish a presence globally but still has to bow down everywhere



