S Korean Gov’t Worker ‘Embezzled Public Funds and Escaped with $2.8m in Crypto’


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S Korean Gov’t Worker ‘Embezzled Public Funds and Escaped with $2.8m in Crypto’
Source: Atstock Productions/Adobe

A lacking South Korean authorities employee is regarded as on the run with $2.8 million value of public funds stolen from the nation’s National Health Insurance Service (NHIS) – and the suspect seems to have transformed most or all the cash to crypto.

KBS reported that prosecutors and law enforcement officials are on the hunt for a 44-year-old NHIS worker recognized solely by their surname – Choi. Investigators suppose Choi embezzled a complete of $3.24 million from NHIS accounts, diverting public cash into his personal non-public financial institution accounts. They say they’ve recovered some $423,000 of this.

But Choi, the authorities acknowledged, seems to have used the rest of the cash to purchase crypto, which they suppose could also be held on an abroad crypto change.

While the South Korean courts have the facility to pressure home crypto exchanges to freeze funds and shut wallets held on their very own platforms, they don’t have any jurisdiction over exchanges primarily based on overseas soil.

However, prosecutors and law enforcement officials say they’ve been working with an change the place they suppose the cash are being held – and hope they may persuade the buying and selling platform to cooperate with them.

But in addition they admitted there was an opportunity that the cash had already been bought for fiat, or moved on elsewhere.

The NHIS manages medical well being contributions made by South Korean employees and their workers.

Where Is Missing Government Worker?

Choi was described as a center supervisor, and Channel A reported that they have been final seen over per week in the past, telling colleagues they have been occurring trip for 2 weeks.

Police mentioned that Choi shortly after left for Germany, per immigration information. Choi could have traveled to the Philippines shortly after. But Choi’s passport stays energetic, and regardless of intervention from the Ministry of Foreign Affairs, the doc can’t be voided till October 31.

Choi can also be believed to have spoken to his colleagues on the NHIS because the supervisor fled the nation to say they have been “sorry” for what had transpired.

The case has echoes of the prosecution’s hunt for the Terraform Labs chief Do Kwon, whose passport took over a month to void following the issuance of an arrest warrant. Prosecutors started pushing for Kwon’s passport to be canceled in mid-September – and have been solely granted their want on October 20.

Compiled by Coinbold

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