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
Little Robert Kennedy confirms run for U.S. President in 2028, holding at least $1 million worth of Bitcoin
Gate News Announcement: On March 8, Little Robert Kennedy confirmed his intention to run for U.S. President in 2028. Public information shows that he holds at least $1 million worth of Bitcoin and does not plan to divest this asset. Little Robert Kennedy publicly stated that he is a loyal supporter of Bitcoin, believing that decentralized, capped supply, neutral currencies, and hard assets like gold and silver can stabilize the dollar and prevent currency devaluation.
GateNews4m ago
Bitcoin experiences significant fluctuations: Ceasefire expectations and oil prices shape crypto market sentiment
The Kobeissi Letter news bulletin has just pointed out an important signal on the geopolitical chessboard. Recently, U.S. President Donald Trump posted on Truth Social that Washington demands Iran to "unconditionally surrender," a tough statement implying that any ceasefire agreement could still be at risk.
TapChiBitcoin23m ago
Willy Woo: BTC's early decline was too rapid, and it is now creating conditions for a rebound to $85,000.
On March 8th, analyst Willy Woo pointed out that Bitcoin faced resistance near $75,000, but since mid-February, capital flows have been recovering, and market sentiment may shift toward risk appetite. Although there is a short-term rebound opportunity, in the long term, Bitcoin remains in the mid-stage of a bear market and may experience sideways consolidation and test resistance levels.
GateNews39m ago
Strategy: Purchased 48,000 BTC in the first two months of 2026, investing $4.3 billion
Bitcoin Treasury Company Strategy Director Chaitanya Jain revealed that in the first two months of 2026, approximately $4.3 billion was invested to purchase 48,000 Bitcoins, far exceeding the $300 million spent in all of 2022. Jain stated that this large-scale institutional buying will change the structure of the Bitcoin market.
GateNews41m ago
A newly created wallet deposits 2 million USDC into Hyperliquid to open short positions on BTC and ETH.
Gate News Report, March 8th: According to Onchain Lens monitoring, a newly created wallet deposited 2 million USDC into Hyperliquid, opened a 5x leveraged BTC short position and a 20x leveraged ETH short position, with the current position value approximately equivalent to 10 million USD.
GateNews1h ago
PI Network Price Jumps 15% as Volume Rises But $0.28 Holds the Real Answer - BTC Hunts
The post PI Network Price Jumps 15% as Volume Rises But $0.28 Holds the Real Answer appeared first on Coinpedia Fintech News
The PI Network price is suddenly back on traders’ radar this weekend. Not because it exploded into a massive rally but because something subtler is happening beneath the
BTCHUNTS1h ago
