South Korean Prosecutors: Civil Servant ‘Stole Public Funds to Buy Crypto’
South Korean prosecutors have indicted a civil servant for allegedly stealing public funds to buy crypto.
Yonhap reported that on August 13, the Cheongju District Prosecutors’ Office announced it had indicted and arrested an unnamed grade six civil servant.
Prosecutors think the civil servant stole 600 million won (around $438,000). They think the accused spent much of this money on crypto purchases.
The accused works at Cheongju City Hall, the seat of the local government in Cheongju. The city is the capital and largest settlement in North Chungcheong Province.
The individual is aged in their forties, a prosecution spokesperson confirmed. Prosecutors charged them with embezzlement and the forgery of official documents.
Prosecutors said the individual was in charge of government affairs including student work placements and support projects for North Korean defectors settling in the city.
Officials say the civil servant forged “a variety of official documents over a period of approximately seven years starting in January 2017.”
Prosecutors claim the civil servant used these “forged” documents to embezzle funds. And they said the individual used this money to make personal “investments in cryptocurrencies.”
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Officials say the civil servant also used the money to trade on the stock market and “pay off personal debts.”
A prosecution spokesperson said bailiffs had “seized” and impounded property and assets “such as apartments and vehicles” in a bid to “recover the proceeds of the crime.”
A Cheongju District Prosecutors’ Office spokesperson was quoted as saying:
“We will ensure our case has no loopholes so that the
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