South Korean police are investigating the disappearance of 22 Bitcoins (BTC) seized in 2021 from a cold wallet at the Gangnam Police Station in Seoul. The BTCs, worth approximately 1.5 million dollars at current prices, were noticed during a nationwide digital asset storage audit. Officials stated that the BTCs were transferred out but the wallet was not stolen.
Investigation into the 22 BTC at Gangnam Police Station
This incident came to light during the National Police Agency’s audit initiated after the 320 BTC case (approximately 21.3 million dollars) that disappeared in August 2025 at the Gwangju District Prosecutor’s Office. In the Gwangju case, a phishing attack was blamed for the password leak. The 22 BTC in Gangnam had been voluntarily surrendered in November 2021 during an investigation; the case was suspended due to the loss of the BTCs. Gyeonggi North Provincial Police are examining the conditions of the transfer and the responsible parties. The competence of officials in managing seized crypto assets is being questioned.
Supreme Court Ruling. Source: Court of Korea
Supreme Court’s Decision on Seized Bitcoins
In January, the South Korean Supreme Court ruled that Bitcoins on centralized exchanges are recognized as “seizure objects” under criminal procedure; they are considered electronic information that can be independently managed and have commercial and economic value. This decision aims to strengthen police crypto storage procedures, but incidents like the Gangnam case highlight implementation issues.
BTC Market: Institutional Purchases and Technical Analysis
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Meanwhile, according to Arkham data, the Binance SAFU fund acquired 4.545 BTC worth 304.58 million dollars. Goldman Sachs holds 1.1 billion dollars worth of BTC, 1 billion dollars worth of ETH; XRP 153 million, SOL 108 million dollars. These institutional accumulations contrast with government agencies’ management errors. The BTC futures market also draws attention to volatility.
South Korea’s Crypto Storage Audits Expanding
The National Police Agency has increased audits to prevent similar cases. Investors can manage risks by following institutional movements like ETH analyses.
Source: https://en.coinotag.com/22-btc-disappears-from-police-wallet-in-south-korea
