- Seoul Police lose 1.5 million dollars in Bitcoin storage breach
- Gangnam Bitcoin theft uncovered prompting internal investigation into security lapses
- Missing Bitcoin sparks nationwide probe into law enforcement handling procedures
Seoul Gangnam Police have confirmed a serious security breach that led to the loss of 22 Bitcoin, valued at approximately $1.5 million. According to Donga, an internal investigation revealed that the Bitcoin, which was stored on a USB cold wallet, was moved without proper authorization. The breach went unnoticed until a recent inspection uncovered the missing funds.
Missing Bitcoin Discovered After Investigation Suspension
The Bitcoin had been seized in November 2021 as part of an ongoing investigation. However, the disappearance was not detected until the case was temporarily suspended, leaving the funds vulnerable to theft. Despite the physical USB wallet remaining intact, the Bitcoin it contained was siphoned off, raising serious concerns about the handling of digital evidence.
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The missing Bitcoin was discovered during a nationwide audit of investigative agencies. The audit was prompted by a similar incident at the Gwangju District Prosecutors’ Office, where 320 BTC went missing after investigators mistakenly accessed a phishing website. In response to the Gangnam case, the Gyeonggi Bukbu Provincial Police Agency has launched its own internal probe to determine the exact circumstances of the leak and whether any officers were involved.
The incident underscores the growing risks associated with securing cryptocurrency as part of criminal investigations. With the rise of digital currencies, law enforcement agencies must now rethink and tighten their security measures to prevent such incidents. The Gangnam leak has raised alarms about the safety of digital evidence and the importance of implementing effective tracking and storage systems.
Ongoing Investigation and Internal Accountability
The Gyeonggi Bukbu Provincial Police Agency is now leading an investigation to uncover the full extent of the breach. Authorities are examining whether internal security lapses played a role in the theft. This investigation is critical not only for resolving the case but also for maintaining public trust in the integrity of law enforcement, particularly in the growing field of cryptocurrency crime.
As the probe continues, it highlights the need for stronger safeguards around digital assets seized during investigations. The outcome will likely influence how police and other authorities handle cryptocurrency in the future, with many eyes now on how this case is resolved.
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