Following repeated mishandling of seized cryptocurrency assets, the South Korean government has mandated a cross-agency probe.
After the National Tax Service (NTS) made a grave error, Deputy Prime Minister Koo Yun-cheol declared a review. Unknown actors were able to steal 4 million PRTG tokens, valued at about $4.8 million, when officials unintentionally posted a picture that revealed the complete recovery phrase of a confiscated hardware wallet.
The Financial Supervisory Service and the Financial Services Commission will be involved in the investigation. Authorities will review how digital assets seized from delinquent taxpayers are managed and strengthen security controls.
This event comes after another issue in which Gangnam police in Seoul allegedly lost 22 Bitcoin that had been confiscated in a hacking case in 2021 after leaving the money with a third-party custodian.
As South Korea strengthens its more comprehensive crypto supervision framework, the government claims that the assessment intends to improve digital asset security and prevent future errors.
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