Industrial Service Personnel Embezzles 2.9 Billion Won Worth of ETH, Sentenced to 3 Years

Industrial Service Personnel Embezzles 2.9 Billion Won Worth of ETH, Sentenced to 3 Years

In a recent development, an appeals court in Daejeon, South Korea, has sentenced an industrial service personnel to three years in prison for embezzling billions of won worth of cryptocurrency from an alternative service company handling blockchain technology. According to Yonhap News, the defendant, identified as "A," was found guilty of fraud, embezzlement, and obstruction of business by computer hindering. While serving his alternative service, A exploited his position to access the company's virtual asset loan system and transferred 1,852 Ethereum (ETH), valued at approximately 2.9 billion won (around $2.2 million) at the time of the incident in July 2022, by inputting a false deposit address. The court determined that A's actions constituted a serious breach of trust, causing significant financial damage to the company. The sentence sends a clear message that such crimes involving cryptocurrency will not be tolerated. It should be noted that this is an isolated incident, and the vast majority of industrial service personnel and blockchain companies operate with integrity and high ethical standards. This case highlights the importance of robust security measures and vigilant monitoring to prevent подобные in the future.