The Gangnam Police in Seoul has reported the loss of 22 Bitcoin that were seized during an investigation, revealing lapses in custody similar to a previous case in Gwangju.
The recent loss of 22 Bitcoin by the Gangnam Police in Seoul has raised significant concerns regarding the management of seized digital assets in law enforcement agencies. This incident mirrors a previous case where 320 Bitcoin went missing from the Gwangju District Prosecutor's Office. According to police officials, it was discovered during an internal investigation that the Bitcoin, valued at over 2.1 billion KRW, had been improperly handled and leaked. It was part of an investigation that had halted since November 2021, which may explain why this loss went unnoticed for so long.
The Gangnam case was uncovered as police authorities conducted a nationwide review of the handling of seized Bitcoin, triggered by the earlier Gwangju incident. In the Gwangju case, the missing 320 Bitcoin were reported lost between June and July last year, but the prosecutor's office only realized the loss months later in December, prompting an inquiry into their practices. Both incidents suggest systemic issues related to the security protocols for safeguarding digital assets within these agencies, as the storage mechanisms remained intact while key information was compromised, allowing for external breaches.
As investigations unfold, the Northern Gyeonggi Police Agency has initiated preliminary inquiries to ascertain how the Bitcoins were lost and to examine potential internal complicity. These incidents not only pose financial risks but also threaten public trust in the integrity and accountability of law enforcement in their management of seized criminal assets.
