🇰🇷 South Korea’s Seized BTC Loss – What We Know So Far
South Korea is facing serious questions after authorities revealed that a large amount of seized Bitcoin (BTC) has gone missing. During a recent internal audit, prosecutors discovered that BTC worth around 70 billion won (nearly $48 million) was no longer in the government’s custody.
Initial investigations suggest the loss may be linked to a phishing incident. An official allegedly accessed a fake website, which led to the exposure of private wallet credentials. Once the private keys were compromised, the Bitcoin was transferred out—something that cannot be reversed on the blockchain.
An internal probe is now underway to determine responsibility and whether any of the funds can be recovered. While details remain limited, the case highlights a major issue: managing and securing digital assets is still a challenge, even for governments.
This incident is a strong reminder that crypto security isn’t just about ownership—it’s about proper custody and safeguards.