South Korean Police Lose 22 Bitcoin From Cold Wallet in Gangnam Evidence Case

by

So, in a plot twist that could only happen in a drama series, South Korean authorities have reported that a whopping 22 bitcoins-worth about $1.5 million-mysteriously vanished from a cold wallet at the Seoul Gangnam Police Station. It’s like they took a one-way trip to the moon without a ticket!

Oops! Another Crypto Custody Fiasco Strikes Again!

According to local reporting, this bitcoin bounty was voluntarily handed over in November 2021 during a virtual asset investigation and was supposed to be securely stored offline in a USB-type hardware wallet-essentially the digital equivalent of hiding your cash under a mattress. The hardware wallet is still kicking, but some sleuthing in January 2026 revealed that the funds had been transferred to an external blockchain address without anyone noticing a thing. Talk about a disappearing act!

Blockchain analysis confirmed the outflow, leaving officials scratching their heads like they just found out their favorite celebrity is actually a hologram. They thought cold storage would keep things locked up tighter than a drum, but apparently not, as it went undetected for over four years. This raises some serious questions about how these digital assets are being babysat. At today’s market price, those missing 22 BTC are worth around $1.5 million. Ouch!

As if that wasn’t enough drama, back in August 2025, the Gwangju District Prosecutor’s Office lost 320 BTC in what was later dubbed a phishing incident. Apparently, someone forgot that “don’t click random links” applies to everyone, including law enforcement. Those funds were drained while the hardware wallet remained blissfully untouched.

The Gyeonggi Bukbu Provincial Police Agency is now on the case, launching an internal investigation into the Gangnam debacle. They’re combing through access logs, personnel handling, and any possible technical shortcomings. You know, just the usual detective work-except it’s less “CSI” and more “How Do We Handle Digital Assets 101.” No word yet on whether their missing funds have been found. Spoiler alert: they probably haven’t.

With these two headline-grabbing incidents, scrutiny on how South Korean law enforcement manages seized cryptocurrency has reached peak levels. Cold wallets are meant to keep private keys offline, but they still rely on human processes, audits, and secure key handling-things that, apparently, don’t always go according to plan. When those fail, even “offline” assets can pull a Houdini.

Now, with two significant losses making headlines, the pressure is mounting for better custody protocols, multi-signature controls, and more frequent audits. Because let’s be real; securing digital evidence requires more than just locking a USB drive in a drawer and hoping for the best. It’s 2026, people!

FAQ ❓

  • What happened in the Gangnam bitcoin case?
    Police confirmed that 22 seized bitcoin were transferred out of a cold wallet without any physical theft. Classic case of “now you see it, now you don’t!”
  • How were the funds discovered missing?
    A nationwide audit in January 2026 uncovered the discrepancy through blockchain review. Surprise!
  • Was this the first such incident in South Korea?
    Nope! Authorities previously reported a loss of 320 BTC linked to phishing back in August 2025. So, they’re really on a roll!
  • Have the missing bitcoin been recovered?
    No recovery has been announced as of mid-February 2026. But hey, there’s always hope, right?

Read More

2026-02-15 02:27