12 hours ago
Authorities sold the recovered Bitcoin successful tiny batches implicit 11 days to debar disrupting the market, according to section media reports.
South Korean prosecutors person sold 320.8 Bitcoin recovered aft a phishing incidental temporarily removed the crypto from authorities custody.
The Gwangju District Prosecutors’ Office said it sold 320.8 Bitcoin (BTC) astatine marketplace prices and transferred 31.59 cardinal Korean won (about $21.5 million) to the nationalist treasury, The Chosun Ilbo reported Tuesday.
Authorities reportedly sold the Bitcoin successful tiny batches implicit 11 days betwixt Feb. 24 and March 6 to debar disrupting the market.
The Bitcoin was reportedly primitively seized from a fishy accused of operating an amerciable gambling website that allegedly handled astir 390 cardinal won ($285 million) successful wagers betwixt 2018 and 2021.
Bitcoin mislaid successful a phishing onslaught was returned earlier this year
Prosecutors reportedly discovered the cryptocurrency had been lost during a custody handover successful August 2025 erstwhile plus managers were tricked by a phishing website. The funds were aboriginal traced to a hacker’s wallet.
The Bitcoin returned to a government-controlled wallet connected Feb. 17 aft authorities asked home and overseas exchanges to frost the address, making it hard to liquidate the funds.
Related: South Korean authorities nether occurrence implicit $43B Bithumb Bitcoin error
On Feb. 19, the Gwangju District Prosecutors’ Office said the hacker unexpectedly sent backmost 320.88 Bitcoin, which were aboriginal transferred to a unafraid speech wallet controlled by authorities.
South Korean courts rethink crypto losses successful indebtedness restructuring cases
In different South Korean crypto news, courts are present reportedly reconsidering however crypto-related debts are handled successful idiosyncratic rehabilitation cases.
According to a Sunday study from section outlet EToday, recently established rehabilitation courts successful Daejeon, Daegu and Gwangju are preparing guidelines that would mostly exclude banal and cryptocurrency concern losses from liquidation worth calculations.
The displacement would dainty crypto concern losses much similar mean plus losses alternatively than speculative debts, perchance lowering repayment obligations for individuals undergoing court-supervised indebtedness restructuring, EToday reported.
Magazine: China’s ‘50x’ blockchain boost, Alibaba-linked AI mines Bitcoin: Asia Express
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