TechFlow News, June 24: According to The Korea Times, 22 bitcoins—valued at approximately 2.2 billion KRW at current market prices—held by the Gangnam Police Station in Seoul as evidence during its investigation into a financial hacking case have gone missing. The investigation revealed that the seized bitcoins were stored in an offline wallet held by the complainant, and individuals who knew the wallet’s mnemonic phrase later restored it externally and cashed out the assets.
The police stated that, at the time of the incident, there were no formal internal guidelines governing the custody of seized virtual assets; consequently, no separate oversight or disciplinary procedures were initiated against the officer responsible for evidence management. This handling has drawn criticism and raised questions about the police’s protocols for managing virtual-asset evidence and accountability mechanisms.
