Two arrested after South Korean cops lost $1.4M in Bitcoin

Local police seized the Bitcoin in 2021 but stored it in a third-party wallet that was later compromised, with the theft going unnoticed for four years.

Two people have been arrested in South Korea in relation to a case in which police lost 22 seized Bitcoin, now worth $1.4 million, after storing the coins in a third-party cold wallet.

The news of the lost 22 Bitcoin (BTC) was first reported by local media in early February, with more details about the case being uncovered as an investigation by the Gyeonggi Northern Provincial Police Agency into the matter continues.

According to a report from South Korean publication Dong-A Ilbo on Wednesday, investigators found that there were multiple policy breaches that eventually led to the funds being stolen.

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