A Banker In South Korea, Embezzles IDR 118 Billion In Funds For Crypto Investment

JAKARTA - A banker at Woori Bank, whose identity is kept secret, has embezzled funds amounting to 7.3 million US Dollars (around Rp118 billion) from customer accounts. With the hope of making a big profit from what is often referred to as digital gold ideals', he invests in cryptocurrencies. However, his ambition ended in the loss of 4.35 million US Dollars (around Rp70 billion) due to the decline in the market.

Woori Bank, whose reputation has been tarnished by this irresponsible act, has taken quick steps by conducting an internal audit. Their advanced monitoring system managed to detect irregularities, but the full scale of this operation is still unknown. According to CoinSpeller information, the banker has voluntarily admitted his crimes at the West Gimhae Police on June 10, and is currently under investigation by the authorities.


Preliminary investigations show that this embezzlement is not just a single action, but involves several staff. Authorities and banks are working to understand the full scope of this operation and plan to issue an arrest warrant after the investigation is complete. In response, Woori Bank promised to conduct a thorough audit and review internal control measures to prevent similar incidents in the future.

This case adds to a long list of similar incidents in which individuals use their positions to invest in cryptocurrencies illegally. In South Korea in 2022, an employee of Bank Busan embezzled about 1.48 billion Won to invest in Bitcoin and Ethereum. In the United States, Amit Patel, former financial manager Jaguars, was charged with stealing more than 22 million US Dollars to finance a luxurious lifestyle and invest in crypto.

This incident highlights the importance of tighter supervision and regulation in the financial industry, especially in line with the increasing popularity and value of digital assets. Woori Bank, with a commitment to maintaining customer confidence, has pledged to strengthen internal control measures and ensure customer funding security.