48 million dollars vanished in a click — South Korea's big Bitcoin mistake
A serious mistake in South Korea has shaken the entire crypto world. A massive amount of seized Bitcoin — approximately 70 billion won (48 million dollars) — has gone missing. Surprisingly, this was not due to a blockchain hack but rather an old phishing scheme! 😬
⚠️ What Happened? (Astonishing Fact)
District Prosecutor of Gwangju, South Korea
The office had seized Bitcoin during a criminal investigation. But:
USB Storage: Private keys and passwords were stored on USB drives.
Deadly Click: During a routine audit, a government employee accidentally clicked on a fake/scam website.
Password Leak: This phishing link gained access to the computer, sensitive passwords stored on the USB were leaked, and hackers emptied the entire vault.
🔔 Global Wake-Up Call: What Lesson Was Learned?
Human error is the weakest link: No matter how strong the security, a “wrong click” can cause complete disaster.
“Offline” is not always safe: If you connect a hardware wallet or USB to an internet-connected PC and open scam links, then there is no benefit to “cold storage.”
Institutional Failure: This incident shows that large organizations are also failing to adhere to the basic principles of crypto security.
📉 Market and Regulatory Impacts
Trace and Track: Korean authorities are now trying to trace these BTC, but the chances of recovery are very low.
New Regulations: Following this major blunder, it is hoped that stricter regulations for government crypto custody will be introduced globally.
The question is: If government agencies can also fall victim to phishing, is your personal vault really safe? 🛡️
