Bitcoin was used to launder budget funds in South Korea

A South Korean official has confessed to embezzling taxpayer funds to invest in cryptocurrencies.

As it became known, the accountant of the sports council of the South Korean city of Mokpo stole more than $ 367,000 from the sports teams' budget and invested all the funds in digital assets. The employee bypassed internal monitoring systems and transferred funds to her husband’s bank account. The couple then invested the money in cryptocurrency together. The woman admitted that she personally invested part of the stolen funds in bitcoin.

It is not yet known what kind of punishment the couple faces and how the stolen funds will be returned to the budget, if at all. The incident has significantly affected the work of the sports committee — coaches and other employees were left without salaries.