South Korean actress Hwang Jung-eum is under fire after admitting to misappropriating ₩4.34 billion (around $3.1 million) from her own company to invest in cryptocurrency.
The revelation came during a trial at Jeju District Court, where Hwang testified about the allegations and her intentions behind the controversial decision.
Hwang Jung-eum is a South Korean actress and former K-pop girl group member, widely recognised for her leading roles in popular K-dramas such as "Kill Me, Heal Me" and "She Was Pretty."
The funds in question were drawn from Y.One Entertainment, a one-person agency entirely owned by Hwang herself.
According to court documents, she diverted the money by the end of December 2022, using a significant portion—approximately ₩4.2 billion—to invest in cryptocurrency.
Her lawyer stated in court,
“There is no dispute over the facts of the case. The defendant invested in cryptocurrency with the intention of growing the company — and because corporations are not permitted to hold cryptocurrency, the investment was temporarily made under her personal name, which ultimately led to the offence in question.”
The defence argued that since the agency’s profits came directly from Hwang’s own work, the funds could be seen as belonging to her.
Nonetheless, prosecutors charged her under the Act on the Aggravated Punishment of Specific Economic Crimes, one of South Korea’s strictest financial crime laws.
Y.One Entertainment, which manages 25 actors according to its website, is now in the spotlight.
Despite Hwang being the only client of the agency at the time of the offence, her legal team stated that a large portion of the money has already been repaid.
As of 20 May, her current agency confirmed she had repaid about two-thirds of the embezzled sum.
A representative said,
“While we cannot disclose specific amounts, Hwang Jung-eum has repaid a significant portion of the funds she withdrew.”
The remaining balance—around ₩1 billion—is expected to be settled soon through the liquidation of real estate assets.
The scandal has rapidly damaged Hwang’s public standing.
SBS Plus removed her appearance from the final episode of the reality programme “Because I’m Single”, where she served as an MC.
Hwang Jung-eum co-hosts SBS Plus's reality show "Because I'm Single" alongside comedian Shin Dong-yup.
The production team confirmed on 14 May,
“Hwang Jung-eum’s VCR segments will not appear in today’s final episode.”
They also added that her comments would be minimised in the broadcast.
Similarly, T-Cast E Channel’s “Solo Ra-seo”, her post-divorce comeback project, has also taken a hit.
Promotional material featuring the actress has been deleted, and her contributions have been edited out of the final broadcast.
Her legal issues have spilled over into the commercial world.
Health brand Daesang Wellife Nucare swiftly pulled advertisements featuring Hwang, just days after launching new promotional content.
The brand quietly deleted ad posters and cancelled related online events, citing “changes in internal schedules.”
Once praised for her confident public image, particularly during her ongoing divorce from ex-husband Lee Young-don, public sentiment has now shifted.
Hwang Jung-eum has a son with her ex-husband, Lee Young-don
Hwang had previously boasted of greater wealth than her former spouse and was known to own a ₩4.6 billion detached house in Itaewon-dong, Seoul.
Now, she faces criticism for her actions, with many viewing her as a liability to the shows and brands she was associated with.
As the court proceedings continue—another hearing is scheduled for August—Hwang has issued a public apology,
“I sincerely apologise for causing concern over this shameful matter. I made the investment in hopes of growing the company, but it was a hasty and immature decision.”
The court has agreed to postpone the next stage of the trial to allow time for further compensation to be arranged.
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