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Actress Hwang Jung-eum appeared in court on Wednesday on charges of embezzling funds from her own talent agency to invest in cryptocurrency, with her legal team admitting to all charges during the first hearing.

According to the legal community, Judge Im Jae-nam of the Jeju District Court’s Criminal Division 2 held the initial trial for Hwang (41), who has been indicted without detention for violating the Act on the Aggravated Punishment of Specific Economic Crimes (embezzlement).

Hwang is accused of embezzling approximately 4.34 billion won (about $3.2 million) between early 2022 and December of that year. The funds included 700 million won she allegedly received as an advance under a temporary payment clause, which she then used to invest in cryptocurrency. The money came from loans taken out by the agency she fully owns—a family-run corporation.

In court, Hwang’s legal representative acknowledged the facts of the indictment and offered an explanation for her actions. “The investment was intended to grow the company, and because the corporation could not directly hold cryptocurrency, the funds were temporarily placed under the defendant’s name, which ultimately led to this situation,” the lawyer said.

The defense further argued that since the agency’s income was almost entirely derived from Hwang’s own entertainment activities, the structure of the business effectively meant the funds were hers. “She has already sold some of the cryptocurrency to repay part of the losses and plans to sell her real estate assets to cover the rest,” the lawyer added, requesting leniency.

The court accepted the defense’s request to postpone proceedings in order to allow Hwang time to arrange compensation.

Meanwhile, Hwang is currently undergoing divorce proceedings with her husband, a professional golfer and businessman, whom she married in 2016.