South Korean authorities have launched an investigation after 22 seized Bitcoin vanished from a cold wallet stored at the Gangnam Police Station in Seoul. The missing cryptocurrency, currently valued at approximately $1.5 million, was discovered during a nationwide audit of digital asset custody procedures, according to local media reports.
Officials stated that the Bitcoin had been transferred externally, although the physical cold wallet itself was not stolen. The assets were originally submitted voluntarily to authorities in November 2021 during an investigation that has since been suspended following the disappearance.
The Gyeonggi Northern Provincial Police Agency is now examining how the transfer occurred and whether any individuals were involved.
Broader Concerns Over Crypto Asset Security
The case follows another high-profile incident in August 2025, when 320 Bitcoin — now worth more than $21 million — disappeared from the Gwangju District Prosecutors’ Office. Prosecutors attributed that loss to a leaked password stemming from a phishing attack.
In response, the National Police Agency initiated a comprehensive review of seized cryptocurrency holdings nationwide. The audit that uncovered the missing 22 Bitcoin has intensified scrutiny over how law enforcement agencies safeguard confiscated digital assets.
In January, South Korea’s Supreme Court ruled that Bitcoin held on centralized exchanges qualifies as an “object of seizure” under the Criminal Procedure Act. The decision affirmed that digital assets possess independent economic value and can be frozen if linked to criminal investigations, expanding authorities’ ability to confiscate cryptocurrency holdings.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.