TechFlow News: On February 27, according to Korea’s Asia Economic, South Korea’s National Tax Service inadvertently disclosed the “recovery phrase” (i.e., mnemonic phrase) of a seized cryptocurrency hardware wallet in a press release announcing its success in recovering taxes from high-profile tax evaders—resulting in hackers transferring approximately 6.4 billion KRW (roughly $4.8 million) worth of crypto assets. Blockchain experts analyzed that shortly after the mnemonic phrase was leaked, 4 million PRTG tokens from the wallet were transferred to an unknown recipient’s account. Experts criticized the incident as exposing the tax authority’s severe lack of fundamental knowledge regarding cryptocurrency asset management—comparable to “handing over an open wallet and telling others to help themselves.”
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