Investigators at Seoul’s Gangnam Police Station have discovered the loss of 22 bitcoins valued at approximately 2.1 billion Korean won ($1.5 million) during an internal review.
Details of the Bitcoin Leak
The bitcoins, seized in November 2021 from a fraud case and held voluntarily by suspects, were found to have been transferred externally. This revelation came to light on the 13th amid an ongoing internal investigation into asset management practices.
Authorities confirmed the holdings through a USB-based cold wallet containing private keys. However, analysis showed that the original bitcoins had been replaced with external wallet equivalents, indicating a targeted swap.
Broader Investigation into Crypto Asset Cases
This incident follows the disappearance of 320 bitcoins—worth around 31.2 billion Korean won—from secure storage at the Gwangju District Prosecutors’ Office last month. Gangnam Police Station was actively reviewing related virtual asset cases at the time.
The Northern Gyeonggi Provincial Police Agency leads a comprehensive probe into internal storage protocols, seized asset linkages, and potential staff involvement across all related operations. Officials emphasize heightened scrutiny to prevent future losses in cryptocurrency holdings.
