South Korea Seized BTC Loss
The Gwangju District Prosecutors' Office in South Korea is investigating the disappearance of seized Bitcoin valued at approximately $48 million, or 70 billion won, which occurred via a phishing attack in mid-2025. The current status of the funds is that they are missing, and an investigation is underway.
Key Insights
Security Breach: The loss happened after an employee accidentally accessed a fraudulent website, compromising the access credentials (passwords stored on a USB drive) for the seized Bitcoin.
Ongoing Investigation: Authorities have launched an internal investigation to track the circumstances and whereabouts of the missing assets but have not disclosed specific details publicly.
Custody Concerns: The incident has raised significant concerns about how government agencies handle and secure confiscated digital assets, highlighting a gap between traditional evidence storage procedures and the technical demands of cryptocurrency custody.
Recovery Unlikely: Recovery of the funds is generally considered difficult once phished cryptocurrency is moved to external wallets.
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