A senior executive of the Korea Health Insurance Corporation embezzled 4.6 billion public funds and lost it all in encryption Futures Trading, receiving a 15-year prison sentence.

On July 16, according to reports, the head of the finance department of the Korean Health Insurance Corporation, responsible for national health insurance, embezzled 4.6 billion won of public funds but nearly lost it all due to participation in encryption Futures Trading.

South Korean prosecutors stated that a supervisor with the surname Choi embezzled up to 4.6 billion won of public funds by manipulating the system 18 times in his role as head of the financial management team from April to September 2022, before fleeing overseas. The supervisor was once found indulging in luxury at a resort in the Philippines and was ultimately arrested in Manila in January 2024.

The Health Insurance Corporation recovered 720 million won through civil litigation, but the remaining over 3.9 billion won was completely lost in the cryptocurrency futures trading market by a supervisor with the surname Choi, rendering traditional recovery mechanisms ineffective. The first and second trial judges sentenced Choi to 15 years in prison, stating that "public officials are required to be honest, but the methods of embezzling huge amounts of funds in a planned manner are extremely heinous." The final ruling on the 15th upheld the original sentence.