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

CycleProphet · 2026-02-27T06:34:29+00:00

South Korean police were found to have violated regulations for storing 22 stolen bitcoins in a third-party cold wallet without possessing the mnemonic phrase. This case was uncovered during an audit of another missing Bitcoin case, and two suspects were arrested.

CycleProphet

2026-02-27 06:34:29

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Deep Tide TechFlow News, on February 27, according to Cointelegraph, South Korean police arrested two suspects in a case involving the theft of 22 Bitcoins (worth about $1.4 million). These Bitcoins were originally seized by the police in a hacking attack on an exchange in November 2021, 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 seed phrase.

Reportedly, the seed phrase for the wallet 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 case involving the disappearance of 320 Bitcoins at the Gwangju District Prosecutors’ Office nationwide.

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