An accounting officer in a local South Korean government is suspected of embezzling around $1.68 million in public funds to invest in cryptocurrencies.
Foresight News reported, citing Yonhap News Agency, that a level 7 accounting employee at an administrative welfare center in Yeongcheon, North Gyeongsang Province, South Korea, transferred 2.5 billion Korean won (approximately 1.68 million US dollars) of public funds into a personal account by fraudulently altering the local fiscal management system over 230 times from November 2025 to June 2026, under the pretext of paying public expenses and after obtaining superior approval. The case was discovered due to an abnormally low budget balance at the center. On July 14, Yeongcheon City reported the incident to the police and dismissed the employee. The police are investigating suspicions that the public funds may have been used for cryptocurrency investment and other questionable activities. Yeongcheon Mayor Kim Byung-sam issued a public apology and stated that the city will track down the whereabouts of the funds and make every effort to recover them.
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