Korean media: Busan bank employee embezzles 1.48 billion Korean won, invests in Bitcoin and other virtual assets

According to the report by the South Korean newspaper Busan Daily, Busan Bank, a local bank in South Korea, experienced an embezzlement incident of 1.48 billion Korean won (approximately 1.1 million US dollars). A foreign exchange teller embezzled customers' deposits multiple times from June 9 to 25, transferring clients' overseas funds to the account of his lover for investment in virtual assets such as Bitcoin.

According to the report by the South Korean media Busan Ilbo, Busan Bank, a local bank in South Korea, experienced an embezzlement incident of 1.48 billion Korean won, approximately 1.1 million US dollars. A foreign exchange teller repeatedly stole customers' deposits from June 9 to 25, transferring clients' overseas funds to the account of his lover for investment in Bitcoin and other virtual assets. Source.

In May of this year, Woori Bank, a state-owned bank in South Korea, reported that an employee who had worked for over 10 years embezzled 69.7 billion Korean won, equivalent to 53.2 million US dollars. The Financial Supervisory Service (FSS) stated that this case highlights serious flaws in the bank's system for safeguarding customer funds. Source.

On July 25, transactions of 13 trillion Korean won imported to China by Shinhan Bank and 800 billion Korean won exported by Woori Bank are also being investigated by the International Crime Investigation Department to determine if they are related to money laundering involving virtual assets. It is alleged that these transactions may be related to the premium on Korean virtual assets and the conversion of price difference currencies to foreign currencies. Source.