South Korean police have arrested two suspects in the $1.4 million Bitcoin theft case

MarsBitNews · 2026-02-27T06:55:43+00:00

South Korean police arrest two suspects in a case involving the theft of 22 Bitcoins. The Bitcoins were originally seized in a 2021 hacking incident, but the police illegally stored them in a third-party-controlled wallet and did not have the mnemonic phrase, which was handed over to others as part of a loan agreement. The case was discovered four years later.

MarsBitNews

2026-02-27 06:55:43

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Mars Finance reports that, according to Cointelegraph, South Korean police have arrested two suspects in a case involving the theft of 22 Bitcoin (worth approximately $1.4 million). These Bitcoins were originally seized by the police in November 2021 from a hacking attack on an exchange, but the police violated regulations by storing them in a cold wallet controlled by a third party, and the police themselves did not hold the wallet’s mnemonic phrase. It is reported that the wallet’s mnemonic was later handed over to a person named “Mr. Jeong” as part of a loan agreement. The case was not discovered until four years later, during an audit of another incident involving the loss of 320 Bitcoin at the Gwangju District Prosecutors Office nationwide.

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