South Korea has reportedly lost $48 million in seized Bitcoin after a government official was tricked by a phishing attack.

A fake website led to stolen wallet access, and nearly 70 billion won worth of BTC disappeared. The issue came to light during an internal audit at the Gwangju District Prosecutors’ Office, revealing weaknesses in how seized crypto is stored.

This incident highlights a serious reality: even government-held crypto isn’t fully secure. It’s raising global concerns around crypto custody, security systems, and regulation.

🔍 Authorities are investigating

📉 Markets are paying attention

⚖️ Stronger safeguards may be coming

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