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Staffer Embezzled USD 159,000 of Bank Funds to Make Crypto Purchase

Staffer Embezzled USD 159,000 of Bank Funds to Make Crypto Purchase

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An worker at one in every of South Korea’s largest industrial banks stole and embezzled hundreds of USD value of financial institution funds to make their very own crypto investments, a brand new report has discovered.

Per Choseh Keumyong Shinmun, the nation’s prime monetary regulator, the Monetary Supervisory Service, has this week compiled and submitted a brand new report on monetary accidents and misdemeanors at main industrial banks within the first a part of the yr.

The regulator uncovered particulars of an unnamed Woori Financial institution worker who siphoned off a mixed complete of USD 159,000 value of shopper and bank-held funds on two separate events.

The worker, whose misdeeds had been uncovered by the financial institution in March this yr however solely got here to gentle on this week’s report, efficiently channeled the funds into their very own financial institution accounts – after which used the fiat to purchase undisclosed crypto holdings.

The report’s authors added that main banks had misplaced a staggering quantity of funds within the six-month time interval, with rival Shinhan shedding a complete of over USD 0.5 million in three separate incidents. KEB Hana, in the meantime, misplaced round USD 0.25 million in the identical interval.

Kim Byung-wook, an MP for the ruling Democratic Social gathering, said, per the identical media outlet,

“Monetary accidents have occurred within the banking sector, each massive and small and these have eroded belief within the monetary system. Monetary authorities ought to make higher, extra energetic efforts to forestall accidents of this nature.”

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Be taught extra:
Unhealthy Information For Banking Giants Laundering Cash May Flip In opposition to Bitcoin Too
Russian Troll Farms Begin Utilizing Extra Altcoins to Cowl their Tracks

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