Korean officials embezzled public funds to invest in Crypto Assets, involving an amount of 4.97 billion Korean won

Mars Financial News, according to Decrypt citing Yonhap News, the latest investigation by the Board of Audit and Inspection (BAI) of South Korea revealed that a public official in Cheongju City embezzled 497 million Korean won (approximately 342,000 US dollars) of public funds for personal Crypto Assets investment and debt repayment. The official forged documents and misappropriated the mayor's seal to open a bank account, transferring the funds to a personal account. The embezzled funds include donations urgently needed for disaster relief after the flood in July last year. The public official, known as "Mr. A," was sentenced to 5 years in prison in December last year, and the case is currently being heard in the High Court. According to the investigation, his corrupt 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 supervision. Cheongju City Hall has been asked to dismiss the official and take disciplinary action against other relevant personnel.