South Korea's Deputy Prime Minister and Minister of Economy and Finance, , announced that an urgent review of the current management of digital assets held through law enforcement measures such as seizures by the government and public institutions will be conducted. Measures will be swiftly implemented to enhance digital asset security and prevent similar incidents from happening again. This commitment stems from recent high-profile errors: 22 Bitcoin (valued at approximately $1.4 million at the time) seized by Seoul Gangnam District police were lost in 2022 due to not retaining private keys and entrusting third-party custody; two suspects have been arrested, and prosecutors are investigating potential bribery. The Ministry of Finance emphasized that the state does not own digital assets outside of law enforcement seizures. The review will be conducted jointly with the Financial Services Commission, the Financial Supervisory Service, and other agencies, but specific new security measures have not been disclosed. (Decrypt)
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South Korea's Deputy Prime Minister and Minister of Economy and Finance, , announced that an urgent review of the current management of digital assets held through law enforcement measures such as seizures by the government and public institutions will be conducted. Measures will be swiftly implemented to enhance digital asset security and prevent similar incidents from happening again. This commitment stems from recent high-profile errors: 22 Bitcoin (valued at approximately $1.4 million at the time) seized by Seoul Gangnam District police were lost in 2022 due to not retaining private keys and entrusting third-party custody; two suspects have been arrested, and prosecutors are investigating potential bribery. The Ministry of Finance emphasized that the state does not own digital assets outside of law enforcement seizures. The review will be conducted jointly with the Financial Services Commission, the Financial Supervisory Service, and other agencies, but specific new security measures have not been disclosed. (Decrypt)