logo

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

By: theblockbeats.news|2025/07/16 08:31:59

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)

Paypal plans to expand the PYUSD stablecoin to the Arbitrum chain
A whale shorted ETH with 18x leverage yesterday, and now has a floating loss of $3.5 million

You may also like

Share
copy

Gainers

Latest Crypto News

09:45

A certain whale with a significant BTC short position is planning to long at around $67,000, with the shorts currently showing a profit of $26.83 million.

09:45

Wintermute: Market Structure is Improving, Mainstream Tokens are No Longer Fragile

09:45

A Whale Holding Strong on 'Shorting Shitcoins' Nets $6.417 Million in Unrealized Gains, Account's Total Profit Tops $78.86 Million

09:45

Poland Rejects Stringent Regulation in "Cryptocurrency Market Act"

09:15

Bastion announces providing Sony Bank with stablecoin issuance, reserve management, and custody services

Read more
Community
icon
icon
icon
icon
icon
icon
icon
icon

Customer Support@weikecs

Business Cooperation@weikecs

Quant Trading & MM[email protected]

VIP Services[email protected]