#southkoreaseizedbtcloss — Major Bitcoin Custody Security Incident 🔥

South Korean authorities are investigating after a large amount of seized Bitcoin reportedly went missing while under government custody. Prosecutors discovered the loss during a routine inspection of confiscated digital assets by the Gwangju District Prosecutors’ Office.

💸 Key Details:

🔹 Roughly 70 billion won (~$48M) worth of seized BTC appears to have vanished.

🔹 Officials suspect the loss happened after an employee accidentally accessed a phishing/scam website, potentially exposing the private keys.

🔹 The incident was spotted during a routine audit of seized assets — prompting an internal investigation.

🔍 Why It Matters:

This incident highlights the critical importance of secure custody practices for cryptocurrency — especially when even government agencies handling seized assets can fall victim to scams and phishing threats.

📊 With crypto custody risks in focus, both law enforcement and the broader industry may face increased scrutiny on security and storage protocols going forward.

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