Incredible story! How did this Busan Bank employee embezzle $1.1 million in bitcoins?





South Korea’s BNK Busan Bank reportedly saw a foreign exchange team employee divert 1.48 billion Korean won ($1.1 million) of customer funds to invest in bitcoins.

The anonymous employee allegedly stole the money several times between June 9 and July 25 this year by depositing the funds customers received from abroad into a personal account belonging to his romantic partner.

The employee invested the embezzled funds in bitcoin and other cryptos.

Accordingly, BNK Busan Bank will take legal action against the infringer and conduct an internal audit.

South Korea has seen a number of cases related to embezzlement by bank employees. For example, a Woori Bank employee allegedly stole nearly $53.6 million (70 billion won) since 2012.

South Korea’s Financial Supervisory Service (FSS) is preparing to prepare more constructive and stricter guidelines for banks’ internal control system to prevent further such incidents.

A financial sector official said: โ€œI understand the purpose of regulation, but I hope the emphasis should be on prevention rather than punishment. ยป

This team has the specific objective of improving internal control for the prevention of financial accidents in the banking sector and continuing discussions on amendments to the law on governance.

The FSS will aim to revise internal control standards for managers such as CEOs. The law will be amended to require compliance with current internal control standards, the executives concerned and also the CEO will be subject to sanctions in the event of a financial accident.

Financial authorities expect management to be forced to take a closer look at the savings from an accident, and therefore the burden on management to increase.

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Thomas E.
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