South Korean public official embezzles $416000 of public funds to invest in cryptocurrency, could face up to 5-fold fine

Odaily Star Daily News: The South Korean Audit and Inspection Commission urges Cheongju City to take "severe disciplinary action" against an official who misappropriated public funds for personal cryptocurrency investment. It is reported that the official works at the Qingzhou Municipal Government and is responsible for funding and subsidies related to students. The committee stated that the official had embezzled approximately 600 million Korean won (approximately $416244) over a period of seven years and invested it in cryptocurrency assets, and has been charged and convicted of the same crime. The committee has the authority to impose further penalties on the official and recommends that the municipal government take "minor disciplinary action" against the five superiors of the official. In addition, the city may impose further fines on the same official. It is understood that public officials who embezzle or misappropriate public funds may be required to pay a "disciplinary surcharge" in addition to disciplinary action, with a maximum amount of up to five times the embezzled or misappropriated amount.