South Korea's Busan Bank Employee Embezzles About $1.1M in Client Funds to Invest in Cryptocurrencies

An employee of the foreign exchange team of the Bank of Busan in South Korea repeatedly misappropriated client funds amounting to 1.48 billion won (about $1.1 million) between June 9 and July 25 this year, and invested the funds in bitcoin and other cryptocurrency. Bank of Busan will take legal action against the employee and conduct a self-audit. There have been more than 10 cases of bank employee embezzlement in South Korea this year, including one Woori Bank employee who allegedly embezzled nearly 70 billion won ($53.6 million) from 2012 until earlier this year, the report said. was discovered. The Korea Financial Supervisory Authority is currently developing stricter guidelines for banks' internal control systems to prevent such incidents.