Hwang Jung-eum Breaks Silence on ₩4.3 Billion Embezzlement Case: “This Is Embarrassing...”

On May 15, actress Hwang Jung-eum addressed the public directly regarding embezzlement charges filed against her. During her first trial at the Jeju District Court’s Criminal Division 2, Hwang released a written statement explaining her side of the story and expressing deep remorse.

“I sincerely apologize for causing concern with such a disgraceful matter,” she began.

Hwang clarified that the company involved in the case was her own private entertainment agency, which she personally established and fully owned. She emphasized that she was the sole shareholder and that no other artists were affiliated with the company.

“All company earnings came from my own work,” she explained. “In 2021, I started investing in cryptocurrency on the advice of people around me, hoping to grow the business. I used funds under the company’s name, believing they were essentially my own income. In hindsight, it was an immature decision.”

Although she suffered losses from the investment, Hwang stated that no third parties were harmed as she was the only stakeholder. “I’ve since severed all business ties with the company. I’ve sold off personal assets to repay a significant portion of the funds and am in the process of settling the remainder,” she added.

She concluded her statement by saying, “Once again, I’m deeply sorry. I will take full responsibility for my actions.”

According to prosecutors, Hwang allegedly withdrew about 700 million KRW from a company loan in 2022 under the guise of temporary payments, and then invested those funds in cryptocurrency. In total, she is accused of embezzling roughly 4.34 billion KRW, with about 4.2 billion KRW reportedly spent on crypto investments.

In court, Hwang admitted to the charges. Her legal team explained that she intended to use the investments to grow the company and noted that corporate crypto investments had to be made in her personal name due to legal restrictions. “Since the company’s revenue came entirely from her work, much of it could be considered her own income,” they argued. They also noted that some of the losses had already been repaid through cryptocurrency sales, and that she plans to repay the rest by liquidating real estate assets.

It was confirmed that the company involved in the embezzlement case was a family-owned corporation in which Hwang held 100% of the shares. It is unrelated to Y.ONE Entertainment, her current management agency. Y.ONE stated that they are “currently verifying the facts.”

Meanwhile, Hwang’s legal team has requested a continuation of the trial to allow time for additional repayment, and the court has reportedly accepted the request.

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