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

Will MicroStrategy fall into a death spiral? What will the macro trend be in the second half of the year?

Blockchain Capital Partner: The Core Secret of Arbitrage

STRC unanchored by 11%, can the perpetual motion machine of Strategy still operate?

Bitcoin Market Analysis 2026: Can BTC Reach $150K by Year-End?

Bitcoin ETF Outflows Hit a Record $4.4 Billion: What Are Traders Doing With Their Cash?

WEEX App Just Got Smarter – New Tabs for Faster Trades & Easy Asset Management

WEEX All-New Search Features: Find, Trade & Earn Faster Than Ever

Morning Report | Illinois signs the strictest digital asset tax law in the U.S.; RWA tokenization market size surpasses $43 billion, institutions accelerate the migration of on-chain assets

Full version of the debut Q&A! Federal Reserve Chairman Waller: Sticking to the 2% inflation target, establishing five special working groups, individual did not submit the dot plot

From Disruptor to Shadow Market: The Crypto Market is Becoming a Colony of Traditional Finance

Dalio's important long article: How to position in the current market environment?

OKX Star analyzes Binance's competitive advantages: when regulation levels the playing field, competition has just begun

New gameplay for participating in initial offerings on cryptocurrency exchanges

Why Is Bitcoin Down Today? What the Hawkish FOMC Means for SpaceX, Gold and Nasdaq

DeepSeek Financing Story

Morning Report | DeepSeek completes over $7 billion in financing, with a valuation exceeding $50 billion; Musk's personal wealth has surpassed the total market value of Bitcoin

Cursor, why did you get on Musk's spaceship?

