đ¨ $48M Bitcoin Lost by South Korean Authorities đ¨
South Korea is facing scrutiny after reports revealed that approximately $48 million in seized Bitcoin vanished following a phishing attack targeting a government official.
According to findings from an internal audit at the Gwangju District Prosecutorsâ Office, a fake website was used to compromise wallet access, leading to the loss of nearly 70 billion won worth of BTC. The incident has exposed critical weaknesses in how seized digital assets are stored and managed.
This case sends a clear message to the global market: crypto custody risks donât disappear just because assets are held by governments.
đ Investigation underway
đ Markets taking notice
âď¸ Pressure mounting for stronger custody standards
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