South Korean Official Embezzles $1.68 Million in Public Funds for Crypto Investments from Nov 2025 to June 2026

According to Yonhapnews, a 7-level accounting official at an administrative welfare center in Yeongcheon, Gyeongbuk province, South Korea, allegedly diverted 2.5 billion won (approximately $1.68 million) in public funds to cryptocurrency investments from November 2025 through June 2026. The official conducted over 230 system alterations to falsify public fee payment justifications and secured unauthorized approvals before transferring the funds to a personal account. The scheme was discovered after the center's budget balance showed abnormal depletion. Yeongcheon city reported the case to police on July 14 and dismissed the official. Police are investigating the alleged use of public funds for cryptocurrency transactions and tracing the funds' destination.
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