South Korean Police’s Comedic Bitcoin Blunder: Phishing or Just Poor Planning?

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Key Highlights

  • Oh la la! The Gangnam Police Station has misplaced 22 Bitcoin (a modest $1.5 million) from a secure USB cold wallet-unveiled during a nationwide audit, no less!
  • This misadventure is reminiscent of an earlier grand escapade at the Gwangju Prosecutors’ Office, where 320 Bitcoin pulled a disappearing act back in 2025.
  • The Northern Gyeonggi Provincial Police are now investigating whether this was a case of internal folly or mere negligence.

Alas, the Gangnam Police Station in Seoul, South Korea, has confirmed that 22 Bitcoin, worth around 2.1 billion won ($1.5 million), have mysteriously vanished from their custody. These funds, once seized during a riveting investigation in 2021, have now seemingly evaporated from a “secure” cold wallet-yet there’s been no sign of a traditional theft, mind you!

According to the ever-watchful Dong-A media, the loss was revealed during a sweeping national audit of police stations’ virtual asset management protocols-initiated, might I add, by a similar high-profile incident at the Gwangju District Prosecutors’ Office just months prior, where nearly 320 Bitcoin decided to take a holiday.

Police officials shared that these Bitcoin were voluntarily handed over to Gangnam investigators in November 2021, as part of a criminal probe that, shockingly, was later put on ice. The assets lounged in storage until a recent inspection uncovered their rather unceremonious departure from the USB-style cold wallet-a device specifically designed to thwart dastardly hacks!

The Northern Gyeonggi Provincial Police Agency has taken up the mantle of investigation, delving into the mechanics behind this curious leak and pondering whether any officers or staff may have been involved in this magical disappearance. Authorities have declared this incident reveals the growing challenges of guarding cryptocurrencies amidst the sophisticated cyber threats and regulatory crackdowns plaguing South Korea.

The Repetitive Comedy of Losses in Law Enforcement

Oh, but this is not the first time South Korean authorities have found themselves in such a pickle! Last December, the Gwangju District Prosecutors’ Office reported losing 320 Bitcoins, valued at a staggering 70 billion won ($48 million) during a criminal case in mid-2025.

This episode, involving five inspectors now under the magnifying glass for potential criminal liability, led the National Police Agency to demand inspections across all frontline units. And lo and behold, the Gangnam discovery emerged amidst this broader scrutiny, revealing what critics have dubbed “serious holes” in the security systems for managing seized virtual assets.

Social media has erupted with outrage and skepticism, with users humorously questioning whether these “losses” are simply a front for internal theft or a monumental lapse in duty. On X, one clever user quipped, “Lost? Or perhaps they were conveniently transferred to a private wallet?”

As the investigation unfolds with all the tension of a poorly written farce, police have chosen to remain tight-lipped, citing the ongoing nature of their inquiries. Authorities assure us they are dedicated to fortifying protocols, but alas, for now, these episodes stand as cautionary tales for law enforcement across the globe, navigating the unpredictable digital frontier.

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2026-02-13 14:06