South Korea Reviews Seized Crypto After Major Errors

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South Korea’s government has launched a high-level review of how seized digital assets are managed after two major mishaps exposed serious weaknesses. In 2022, police in Seoul’s Gangnam District lost track of 22 bitcoins, and crypto exchange Bithumb accidentally credited a user with $40 billion in bitcoin due to a technical error. Deputy Prime Minister and Finance Minister Goo Yun-cheol said tighter controls and improved security are needed, though officials have not yet outlined specific steps to prevent future losses.