Busan Bank Employee Embezzles $1.1M To Invests In Cryptocurrency

An employee on the foreign exchange team of South Korea’s BNK Busan Bank allegedly embezzled 1.48 billion Korean won (US$1.1 million) in customer funds to invest in Bitcoin, local media reported.

Busan Bank embezzled $1.1 million to invest in cryptocurrency

The employee, whose name was not released, reportedly embezzled the money over several occasions from June 9 to July 25 this year by depositing funds customers received from overseas into a personal account belonging to his/her romantic partner.

According to local media, the employee bought Bitcoin and other cryptocurrencies with the diverted money.

BNK Busan Bank will take legal action against the employee along with a self-audit, according to its disclosure.

In South Korea, there have been more than ten instances of bank employees embezzling money. One employee at Woori Bank is accused of stealing about 70 billion won (US$53.6 million) from 2012 before being caught earlier this year.

In order to stop such instances, South Korea’s Financial Supervisory Service is now developing stronger requirements for the internal control system within banks.

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