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

Police seized the Bitcoin in 2021 but stored it in a third-party wallet, which was later accessed by unauthorized parties, with the loss remaining undiscovered for four years.

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

The news of the loss of 22 Bitcoin (BTC) was first reported by local media in early February, with more details about the case emerging as the Gyeonggi Northern Provincial Police Agency continues its investigation.

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

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