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- Busan Bank employee embezzled 1.48 billion Korean won
- That is equivalent to US$1.1 million
- The employee wanted to invest in BTC
A representative in the unfamiliar trade group of South Korea’s BNK Busan Bank purportedly stole 1.48 billion Korean won in client assets to put resources into Bitcoin, neighborhood media detailed.
BTC Price at the time of writing – $23,239.50
The representative, whose name was not delivered, supposedly stole the cash north of a few events from June 9 to July 25 this year by storing reserves clients got from abroad into an individual record having a place with his/her better half.
Nearby media announced the worker put the misused assets in Bitcoin and other digital currencies. BNK Busan Bank will make a legitimate move against the worker alongside a self-review, as indicated by its exposure.
There have been in excess of 10 instances of theft executed by bank workers this year in South Korea, where one representative at Woori Bank purportedly stole almost 70 billion won (US$53.6 million) from 2012, just to be found recently.
South Korea’s Financial Supervisory Service is at present getting ready stricter rules for the interior control framework inside banks to forestall further episodes.
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More about Busan Bank
Busan Bank is a territorial bank in South Korea. The organization was laid out in 1967 to work with the local economy.
The bank is based and settled in the bustling port city of Busan, South Korea, and offers a full scope of retail banking administrations including unfamiliar trade at its Seomyeon principal branch. The bank has 229 branches in Korea. Its fundamental investors incorporate Aberdeen Asset Management Asia Ltd., Lotte bunch, National Pension Service, Capital Research and Global Investors, Parkland, Templeton, and so forth
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
