In South Korea, a former Worri Bank employee has been sentenced to 15 years for document tampering and embezzlement aimed at purchasing cryptocurrencies.
Court Reviews Embezzlement Case
An unidentified former employee of Worri Bank has been sentenced to 15 years for embezzling approximately a million dollars. He used about 15 billion won to acquire virtual assets, around 2.7 billion won to settle loan debts, and approximately 300 million won for personal expenses. Prosecutors noted that 10.5 billion won of the damages have not yet been recovered. The defense argued that the bank was partly responsible for its poor management and the accused turned himself in after repaying part of the amount.
Cryptocurrency Regulation in South Korea
Trading in cryptocurrencies is not restricted in South Korea, although they are yet to be recognized as legal tender. The country has been actively regulating the sector to prevent fraud. South Korea's crypto market is projected to reach a milestone of $900 million. Government and private efforts continue to tighten the grip on illicit crypto activities.
Crypto Market Price Updates
As of writing, the cryptocurrency market capitalization was $3.65 trillion, with an intraday decline of 3.07%. Trading volume reached $205.34 billion. Bitcoin lost 2.79% of its value in the last 24 hours, trading at $104.211. HNT, Dogwifhat, PYTH, and DYDX faced significant price drops.
The case of the former Worri Bank employee highlights South Korea's ongoing efforts to regulate the crypto market and curb illegal activities. The crypto market remains volatile, experiencing significant price fluctuations.
