South Korean Bank Employee Admits to Stealing $7.3 Million for Crypto Investments
A staffer at Woori Bank in South Korea has confessed to taking $7.3 million from the company’s funds to invest in cryptocurrency. According to reports from News1 and Hanguk Kyungjae, the employee, who remains unnamed, visited a police station on June 10 to disclose the embezzlement.
The employee, said to be in their thirties, revealed that they used the stolen money for cryptocurrency investments, many of which were unsuccessful. Authorities were alerted to the missing funds through the bank’s monitoring system, but the employee took the initiative to come forward and admit to the crime voluntarily.
Investigators disclosed that the employee lost around $4.35 million due to failed investments. The police are currently conducting further investigations and gathering evidence in collaboration with Woori Bank. The employee is cooperating with the ongoing probe, which focuses on funds taken from loan-related accounts.
While reports suggest that police may seek an arrest warrant, official statements on the matter have not been released. Woori Bank plans to seek compensation from the employee and will also conduct a thorough audit to understand how the theft occurred and improve internal control measures.
As one of South Korea’s leading high-street bank chains, Woori Bank is actively involved in the crypto space. Its investment arm holds a stake in Dunamu, the company behind the Upbit cryptocurrency exchange. The bank is also exploring security tokens-related offerings but awaits regulatory approval from Seoul to proceed with its plans.