South Korean actress Hwang Jung-eum was given a two-year suspended prison sentence on Thursday after the court found she embezzled about 4.34 billion won (Around $3 million) from her own agency in early 2022 and invested most of it in cryptocurrency.Â
The sentence means she will not serve time unless she commits another crime within four years, and judges cited her full repayment and first-time offender status in handing down the penalty.
Court ruling and sentence
The Jeju District Court ruled on Thursday in accordance with Korea’s Act on the Aggravated Punishment of Specific Economic Crimes. The court said Hwang will not go to prison now because she repaid the full amount and has no prior record.
Prosecutors had asked for 3 years behind bars, but judges chose a suspended term. Hwang left the courthouse in tears after the verdict.
What she admitted and how she paid?
At her first trial on May 15, Hwang admitted the charges. The indictment says she took about 4.34 billion won (Around $3 million) from the family-run agency she owned. Around 4.2 billion won of that was put into crypto.
The rest went to cover property and local taxes via credit card payments. Her legal team told the court that the money came from her own entertainment income and was held in the company name because corporations face limits on holding crypto directly.
Repayment timeline
The court noted that Hwang sold personal assets and repaid the debt in full.
She had paid about 3 billion ($2.8 million) won by the time of her first trial, and she then paid the remaining balance on May 30 and June 5.
Judges said that full repayment was a key reason for leniency in sentencing.
Her words and remorse
In a final hearing on August 21, Hwang spoke to the court, and she said she tried to work hard and live honestly, but had neglected financial and tax matters.
She asked for forgiveness and said she was remorseful. Her emotional reaction at the courthouse on Thursday reflected that remorse.
The case drew attention because it involves a high-profile figure and crypto investments. Observers have watched how different countries handle criminal cases linked to digital currencies.
Kadan Stadelmann, CTO at Komodo, said that regulators in East Asia and the West are now producing similar outcomes when they pursue crypto-related embezzlement. He said the West often had an early lead in blockchain analysis, but that Asia is catching up.
He also pointed to U.S. rules on transparency and accountability in celebrity crypto promotions as a model that could guide oversight of talent agencies and sports firms.
The company at the centre of the case was run by Hwang and managed only by her. It was a family firm wholly owned by the actress, with no other talent on its roster.
That setup helped shape the defence argument that the money was ultimately hers because it came from her own work. Her lawyer made that point in court to explain why the funds had been handled in that way.
Possible impact and oversight
Experts say the case may push for tighter controls on how talent firms and celebrities handle crypto. If regulators adopt clearer rules, talent agencies may need more checks on accounting and disclosure.
The Hwang case could be used as an example by firms and regulators crafting new guidance.
Under the suspended sentence, Hwang will avoid prison as long as she stays out of further trouble for four years, and she faces legal limits and public scrutiny during that time.
Also Read: South Korean Actress Hwang Jung-eum Faces Embezzlement Charges Over $3M Crypto Investment