Woori Bank employee in South Korea revealed to police that she stole $7.3 million to finance his cryptocurrency ventures, most of which failed.
Local news sources claim that on June 10, the unidentified employee went to the West Gimhae Police Station in South Gyeongsang Province to disclose the scope of their offenses.
According to investigators, the thirty-something employee used the pilfered money to invest in cryptocurrency ventures to profit personally. Sadly, though, the majority of those ventures fell through, and he lost $4.35 million of the money that had been taken.Â
The relevant South Korean police have intensified their theft investigations in reaction to these revelations. They are working with Woori Bank to obtain more information and anticipate requesting an arrest warrant shortly.
Even before the employee confessed, the bank was aware of the loss of money thanks to its internal monitoring systems. It has been alleged that accounts connected to loan operations were the source of the stolen funds.
The worker is “cooperating with the ongoing police investigation” in full, according to a police spokesperson. In the wake of the security breach, Woori Bank has committed to conducting a thorough audit and reviewing its internal control mechanisms. A spokesman for Woori Bank stated:Â
“We will identify the problems via a thorough investigation and will prevent similar cases from recurring.”
According to reports, the bank also intends to sue the employee for the embezzled money. Crimes involving cryptocurrencies have significantly increased in South Korea throughout the last 12 months.
In February, the Financial Intelligence Unit (FIU) of the country released a report stating that it had detected 16,076 questionable transactions. According to the FIU, since 2022, the frequency of these crimes has increased by 48.8%. South Korean authorities are considering establishing a specialized investigative unit to address the recent cybercrime increase.
