February 13 News, South Korea’s law enforcement system has once again exposed vulnerabilities in digital asset management. The Seoul Gangnam Police Station confirmed that during an investigation in November 2021, Bitcoin was seized and stored, and recently it was discovered that the assets had been transferred from a USB cold wallet. Internal checks revealed that 22 bitcoins were involved, estimated at approximately $1.5 million at current prices, and police have confirmed this to the media.
According to disclosures, the physical USB drive of the cold wallet was not lost, but the on-chain assets were successfully transferred out. Due to the investigation being temporarily halted, this anomaly went unnoticed for a long time until a recent nationwide review of evidence and digital asset management uncovered the issue. After local media first reported it, public opinion questioned the law enforcement agencies’ mechanisms for safeguarding encrypted assets.
Currently, the Northern Gyeonggi Police Department has launched an internal investigation to clarify the transfer process, responsibility, and whether any internal personnel acted improperly. A police spokesperson only stated that the case is still under investigation and more details cannot be disclosed at this time.
It is noteworthy that this incident is not isolated. Previously, another region in South Korea discovered that 320 Bitcoin, which had been seized in a similar investigation, also went missing. Reports indicated that personnel responsible for evidence management mistakenly accessed a phishing website, leading to private key leakage and rapid asset transfer. These series of events highlight management shortcomings in traditional law enforcement when dealing with decentralized assets.
Industry experts point out that unlike cash or physical assets, digital assets’ security depends entirely on private key management and procedural compliance. Once risk controls are lacking, even assets stored in a “cold wallet” can suffer irreversible losses due to human error or system vulnerabilities. As South Korea tightens regulations on digital assets, such cases may drive the implementation of stricter evidence custody and auditing mechanisms.
The disappearance of these 22 bitcoins has become another warning in South Korea’s crypto enforcement history, emphasizing the importance of combining制度 and technology in the digital age.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Breaks Below $71,000, Peter Brandt Warns of Two-Way Movement Risk
On March 19th, Bitcoin's price fell below $71,000, declining approximately 5% within 24 hours. Ethereum, Solana, and Dogecoin all dropped 5% to 6%, with total market capitalization evaporating over $100 billion. Senior traders point out that Bitcoin exhibits both bullish and bearish technical patterns, and macroeconomic factors are affecting market sentiment, with short-term trends remaining uncertain.
GateNews24m ago
MICA Daily | Is the Fed Worried About Inflation Getting Out of Control? US Stocks Decline, BTC Tests $71,000 Again
Yesterday, BTC fell from $73,000 to $71,000 due to declining US stocks and deteriorating Middle East conditions, with risk-off sentiment heating up in the market. The Federal Reserve kept interest rates unchanged, with Powell emphasizing that the US employment market and energy crisis make decision-making difficult, indicating uncertain economic prospects ahead that could impact both stock and crypto markets.
区块客38m ago
The Federal Reserve maintains interest rates, Bitcoin is pressured near $70,000, and the Iran conflict escalation increases market uncertainty.
The Federal Reserve kept its benchmark interest rate unchanged on March 19, with a voting result of 11 to 1. Chairman Powell pointed out that the situation in the Middle East and rising oil prices introduce uncertainties to the economy, and short-term inflation expectations have been raised to 2.7%. The market response was notable, with risk assets performing poorly. Analysts advise paying attention to future interest rate movements.
GateNews46m ago
A certain whale bet $49 million on a BTC/HYPE hedging combination, with today's market pullback causing $700,000 in losses on both sides.
Coinbob monitoring shows that whale address 0x939 recently went long BTC for $29.4 million and shorted HYPE for $19.7 million, but market downturn resulted in bidirectional losses of approximately $700,000. This address previously profited $37.1 million from similar operations.
GateNews58m ago
Whale Trader Expands BTC and ETH Short Positions, Now Up Over $2M
Gate News bot message, a whale trader known for "Sold 255 $BTC to short" is expanding short positions in $BTC and $ETH with current profits exceeding $2M.
The whale's PnL previously peaked at +$25.16M before falling to -$31.55M. Current positions include: Short 1,167 $BTC ($81.88M), Short 22,540 $E
GateNews1h ago
Whale "Sets 10 Major Targets First" Opens Bitcoin Long Position Again, Holding 9.437 BTC
Gate News reports that on March 19, according to on-chain analyst Ai Yi's monitoring, the whale address "Set 10 Major Goals First" has once again opened a Bitcoin long position, currently holding 9.437 BTC with an entry price of $70,027. Based on this address's previous trading habits, this operation is likely the initial position opening.
GateNews1h ago
