South Korean police have arrested two suspects in the case of $1.4 million worth of bitcoin theft

ChainCatcher news, according to Cointelegraph, South Korean police have arrested two suspects in a case involving the theft of 22 bitcoins (worth approximately $1.4 million). These bitcoins were originally seized by the police in November 2021 from a crypto exchange hacking case, but the police violated regulations by storing them in a cold wallet controlled by a third party, and the police themselves did not possess the wallet's mnemonic phrase.

According to reports, the wallet's mnemonic phrase 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 a nationwide audit related to another case involving the disappearance of 320 bitcoins at the Gwangju District Prosecutors' Office.