Actress Hwang Jung Eum has made a court appearance for allegedly misappropriating company funds for which she was responsible and investing the money in cryptocurrency.

Judge Lim Jae Nam of the 2nd Criminal Division at Jeju District Court presided over the initial hearing of the case involving 41-year-old Hwang Jung Eum, who is accused of embezzlement according to the Act on the Aggravated Punishment of Specific Economic Crimes.

The indictment states that Hwang Jung Eum supposedly embezzled around 4.34 billion KRW (approximately $3.097 million) from her management agency, which she fully owns through a family-owned corporation. In early 2022, it is alleged that she took 700 million KRW (about $499,536) in company loan funds under false pretenses of a temporary payment and invested it in cryptocurrency. By December 2022, she is believed to have misused the entire sum.

Reportedly, the majority of the embezzled amount, approximately 4.2 billion KRW (around $3.002 million), was invested in cryptocurrency.

During the hearing, Hwang Jung Eum admitted to the allegations. Her legal representative argued that while the facts of the case were not disputed, the investments in cryptocurrency were made with the intention of benefiting the company. As the corporation was unable to hold cryptocurrencies directly, the investments were temporarily made under her name, leading to the charges.

The defense further explained that the agency's profits were derived from the defendant's work, making the income rightfully hers. The cryptocurrencies have been liquidated, some damages have been compensated, and the remaining amount will be repaid through real estate sales. The defense requested the court to consider these circumstances and intentions.

Hwang Jung Eum's legal team also asked for an extension to make full reparations, which was granted by the court.