💸🚨 $47M Bitcoin Vanishes in South Korea’s Custody Mishap
- South Korean prosecutors lost access to $47.7M worth of seized Bitcoin.
- Cause: A phishing attack likely exposed wallet credentials during routine checks.
- Storage: Assets were kept on USB drives, leaving them vulnerable.
- Discovery: The loss was detected during an internal audit at the Gwangju District Prosecutors’ Office.
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📊 Why It Matters
- Government Vulnerability: Even state agencies can fall prey to phishing.
- Custody Concerns: Raises questions about how seized crypto should be stored.
- Regulatory Fallout: Could spark reforms in digital asset seizure protocols.
- Market Sentiment: May fuel skepticism about institutional crypto management.
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