Actor Joohyun Huang Embezzles 43.4 Billion Won for Crypto Investments

South Korean actor Joohyun Huang has been accused of embezzling approximately $3 million from his talent agency to invest in cryptocurrency. The actor, who has been charged under South Korea's "Specific Economic Crimes Aggravated Punishment Act," has admitted to the allegations. The embezzled amount is reported to be around 43.4 billion South Korean won.

According to the reports, Joohyun Huang has already sold some of his crypto assets and plans to liquidate his real estate holdings to repay the funds. The actor's involvement in the incident has led to significant repercussions in his professional life. The SBS Plus variety show "Because This Is My First Twenty" has removed all footage of him and reduced hosting content. Additionally, Elephant Wellife Nucare health drink has urgently pulled its related promotional materials.

Following the incident, Joohyun Huang has signed with a new agency, Y.One Entertainment. The defense lawyer for the actor claims that the embezzled funds were from his personal acting income. South Korea prohibits companies from directly holding cryptocurrency, so the funds were temporarily stored in his personal account. The case's second hearing is scheduled for August.

This incident highlights the risks and complexities associated with cryptocurrency investments, especially when involving large sums of money. The actor's actions have not only led to legal consequences but also impacted his professional reputation and endorsements. The case serves as a reminder of the importance of transparency and accountability in financial dealings, particularly in the entertainment industry.