Huang Zhengyin embezzled public funds to trade cryptocurrencies and was sentenced to probation. When will the chaos in South Korea's cryptocurrency investments end?

Once known for her roles in popular Korean dramas such as “She’s Beautiful” and “Kill Me, Heal Me,” actress Hyun Jung-eun has recently become the focus again due to a “cryptocurrency trading” scandal—she was sentenced to 2 years in prison, suspended for 4 years, for embezzling a large sum of funds from her own management company to invest in cryptocurrencies. This verdict not only caused a stir in the Korean entertainment industry but also deeply reflected the long-standing cryptocurrency investment craze spreading throughout Korean society.

Famous Actress Hyun Jung-eun Sentenced to Probation for Embezzling Large Sum in Cryptocurrency Investment

Hyun Jung-eun’s case began in early 2022. According to prosecutors, she borrowed approximately 4.34 billion KRW (about 3 million USD) from her wholly owned agency, “Soon Min Jung-eun Entertainment.” Of particular shock was that up to 4.2 billion KRW was transferred into the cryptocurrency trading market, with the remaining funds used for personal taxes and credit card expenses.

At her first court appearance in May 2024, Hyun Jung-eun voluntarily pleaded guilty and begged the court for a chance to fully repay the funds. She subsequently sold personal assets and completed repayment in two installments in early June. The court ultimately recognized her proactive remorse and timely remedial actions, deciding to impose probation—prosecutors had originally sought a 3-year prison sentence. On the day of sentencing, the 41-year-old Hyun Jung-eun tearfully apologized in court, saying, “Sorry for causing everyone worry.”

Although she avoided jail time, Hyun Jung-eun’s reputation has been tarnished—some variety show and brand endorsement contracts were terminated as a result. She debuted in 2001 as a member of the girl group Sugar, later transitioned into acting with notable success, but in recent years, she has experienced relationship upheavals and legal troubles, leading to her public image being severely damaged.

Why Is Korean Society Crazy About Cryptocurrency Investment?

Hyun Jung-eun’s experience is just the tip of the iceberg. In Korea, cryptocurrency investment has become a primary outlet for many—especially young people—seeking to get rich overnight. According to data from the Korea Financial Research Institute, over a quarter (27%) of people aged 20 to 50 hold virtual assets, which account for about 14% of their total financial assets.

Behind this investment frenzy are multiple hardships faced by Korean youth. Sky-high housing prices make homeownership an unreachable dream, youth unemployment remains high, and wage growth has stagnated. With no apparent prospects in traditional saving, property investment, or retirement planning, many turn their hopes to the high-risk, high-reward cryptocurrency market—seemingly their “few remaining opportunities to turn things around.”

This phenomenon has also led to an interesting market anomaly—“Kimchi Premium.” Even for the same cryptocurrency, prices on Korean exchanges are often higher than global market levels. Despite the volatile and risky nature of the crypto market, many Koreans desperate for a chance at survival are willing to bet everything on these investments. Hyun Jung-eun’s case is a stark irony within this crazy wave.