📉 #SouthKoreaSeizedBTCLoss — South Korean Prosecutors Lose Tens of Millions in Seized Bitcoin! 🇰🇷💸
In a shocking development for the crypto world, authorities in South Korea’s Gwangju District Prosecutors’ Office have revealed that a huge amount of seized Bitcoin has gone missing while in state custody. Officials discovered the loss during a routine internal inspection of confiscated digital assets.
🔍 What Happened?
• About 70 billion won (~$47 – 48 million USD) worth of Bitcoin that had been seized from criminal cases disappeared.
• Prosecutors believe the loss occurred after someone mistakenly accessed a phishing website, which exposed private key credentials stored on USB drives. Once the credentials were exposed, the BTC was irreversibly transferred out.
• The exact amount and destination of the stolen Bitcoin have not been officially confirmed, and the investigation is ongoing.
⚠️ Why This Matters
This incident highlights security challenges even for official state custody of digital assets — if law enforcement can fall victim to a phishing attack, it raises questions about broader institutional readiness to manage cryptocurrencies securely.
Officials are working to trace the missing funds and are reviewing custody procedures, but there’s currently no public clarity on recovery or accountability.
🔐 Takeaway for Crypto Users
This story reinforces something the crypto community already knows: security practices matter hugely, whether you’re an individual or an institution.
#bitcoin #phishingattack #CryptoSecurity
