According to BlockBeats, the head of the finance department of the Korean Health Insurance Corporation embezzled 4.6 billion won of public funds to participate in cryptocurrency contract trading, almost losing it all. Director Choi fled overseas after embezzling public funds from April to September 2022.
The director with the surname Choi squandered money at a resort in the Philippines and was ultimately arrested in Manila in January 2024. The Health Insurance Corporation recovered 720 million won through a civil lawsuit, but the remaining 3.9 billion won was lost in the cryptocurrency market.
The court sentenced Choi to 15 years in prison, stating that his criminal methods were heinous and that public officials should maintain integrity. The final ruling on the 15th upheld the original sentence.