Prosecutors indicted her under Korea’s Act on the Aggravated Punishment of Specific Economic Crimes.
“I sincerely apologize for causing concern over this shameful matter,” Hwang said in a statement released through her new agency, Y.One Entertainment. “I made the investment in hopes of growing the company, but it was a hasty and immature decision.”
The scandal has quickly derailed her public image. Daesang Wellife Nucare, a health drink brand, pulled down newly launched promotional content featuring the actor just days after its release.
Ad posters and videos were scrubbed from the brand’s official social media, and a related online event was abruptly canceled. The company cited “changes in internal schedules” as the reason.
Hwang’s former agency, where the embezzlement took place, was a one-person operation that managed only her.
Her legal team argued that the misused funds originated from her personal entertainment income and were temporarily held in her name because corporations are restricted from holding crypto directly.
“Since the agency’s profits ultimately stem from the defendant’s own work, they can be seen as rightfully belonging to her,” her attorney said in court.
Hwang has since sold crypto assets to repay part of the amount and plans to liquidate real estate holdings to cover the rest. A second hearing is scheduled for August.
The scandal coincides with a turbulent period in Hwang’s personal life, including an ongoing divorce. Her role on Because I’m Single marked her return to television last October.
Edited by Sebastian Sinclair
decrypt.co
