#SouthKoreaSeizedBTCLoss
đ¨ Major Crypto Custody Fail: South Korea Loses ~$48M in Seized Bitcoin đ¨
South Koreaâs Gwangju District Prosecutorsâ Office discovered during a routine check that a significant amount of Bitcoin (seized as evidence in criminal cases) had vanished â estimated at ~70 billion KRW (~$47â48 million USD).
Key details:
⢠Incident likely occurred in mid-2025 (summer timeframe).
⢠Suspected cause: Phishing attack â an official reportedly accessed a fake website while inspecting wallet credentials (stored on USB devices).
⢠Funds appear transferred out; internal investigation underway, no recovery announced yet.
This is a stark reminder: Even government agencies handling seized crypto arenât immune to basic phishing/social engineering attacks. Poor custody practices (e.g., hot wallets, weak verification) can lead to massive losses.
Lessons for all in crypto:
⢠Use hardware wallets & multi-sig for any significant holdings.
⢠NEVER click unsolicited links or enter credentials on unverified sites.
⢠Enable 2FA/hardware keys everywhere â verify sources directly.
⢠Institutions & individuals: Prioritize audited custody solutions!
Crypto security is everyoneâs responsibility. Stay vigilant! đ
#SouthKoreaSeizedBTCLoss #CryptoSecurity #PhishingAlert #Bitcoin
