Hwang Jung-eum Addresses Allegations of Embezzlement and Cryptocurrency Investment
On May 15, 2025, actress Hwang Jung-eum publicly addressed the allegations against her regarding the embezzlement of funds from her own entertainment company, W1 Entertainment, to invest in cryptocurrency. In her official statement, she expressed her regret for causing concern among the public, stating, "I am truly sorry for the embarrassment this has caused many people."
Hwang explained that she established the agency solely for her entertainment activities, owning 100% of the shares, and that no other artists were affiliated with the company. She mentioned that all profits generated were from her own work. In 2021, she was encouraged by acquaintances to invest company funds in cryptocurrency, which she admitted was a poorly informed decision, as the funds were technically company money but derived from her earnings.
Despite suffering losses from the cryptocurrency investments, Hwang emphasized that she holds full ownership of the company and that there were no other artists involved, which she considers fortunate as it means no third parties were harmed.
To rectify the situation, she is currently working with another agency to cleanly sever ties with her company. Hwang has begun repaying a significant portion of the funds withdrawn from the company and is in the process of settling any remaining debts. She reiterated her apologies and commitment to fulfilling her responsibilities.
On the same day, the Jeju District Court held the first hearing regarding Hwang's case, where she faces charges of violating laws related to aggravated economic crimes, specifically embezzlement. The prosecution alleges that she misappropriated approximately 4.3 billion won (around $3.2 million) from her company, including 700 million won (about $525,000) that was invested in cryptocurrency. Hwang's legal team acknowledged the charges and requested to proceed with restitution for the damages incurred, which the court accepted.
