South Korean police close case on missing $1.6 million in Bitcoin without audit, officers not held accountable

PA一线
PA一线
PANews reported on June 24, citing the *Chosun Ilbo*, that Seoul police have not conducted an internal audit regarding the 22 BTC (approximately $1.6 million) that went missing from an evidence storage room, nor have they taken disciplinary action against those responsible. The report confirmed that the officer in charge of the evidence at the time of the loss has not faced any accountability. The Gangnam Police Station in Seoul took custody of the Bitcoin in November 2021 during a financial hacking investigation, with the assets stored on a cold wallet USB device. During an evidence inspection in 2022, authorities discovered the wallet was empty. Police acknowledged that the assets should have been transferred to a police-controlled cold wallet but failed to do so, arguing that relevant guidelines had not yet been issued at the time. However, the newspaper found that as early as July 2021, the police had internally discussed and recommended adopting more secure custody methods, which the Gangnam station did not implement. The Seoul Metropolitan Police Agency stated it is currently reviewing the custody status of virtual assets seized after March 2022.
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