South Korean law enforcement authorities have reportedly lost access to a cache of Bitcoin that was seized during a criminal investigation in 2021. The digital assets were stored in a cold wallet, a hardware device kept offline to ensure security. However, police officials have recently confirmed that they are unable to retrieve the funds due to the loss of the device’s private keys or access credentials. Since the seizure occurred three years ago, the market value of the Bitcoin has appreciated significantly, leading to public criticism over the mismanagement of state-seized assets. Authorities are currently reviewing their digital asset storage protocols to prevent similar incidents, as the lost cryptocurrency remains inaccessible on the blockchain.
Source: South Korean police lose seized bitcoin held in cold wallet since 2021
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