South Korea loses $48 million in seized Bitcoin to phishing scam: Report

Prosecutors in South Korea reportedly discovered the Bitcoin was missing during a routine inspection of seized financial assets.

Authorities in South Korea have launched an investigation after millions of dollars worth of Bitcoin seized in a criminal case was reportedly stolen.

Officials with the Gwangju District Prosecutors’ Office discovered that around 70 billion won ($47.7 million) worth of Bitcoin (BTC) crypto was missing during a routine inspection of seized financial assets, according to local mediareports on Thursday.

The Chosun Daily reported that the Bitcoin was stolen after a password was leaked externally, with a prosecutor’s office official saying a phishing attack was to blame after an agency worker accessed a scam website.

Read more