Incident Summary The Gyeonggi North District Police Department arrested two individuals on February 25, 2024, on charges of violating the Information and Communication Network Act.
The arrests are connected to the disappearance of 22 BTC, worth about $1.5 million, seized during a 2021 investigation into a hack of the A Coin Foundation.
Background In November 2021, authorities seized 22 BTC that had been hidden in a storage facility during the investigation of a hack targeting the A Coin Foundation.
The foundation had reported the loss of 700 million local tokens.
The 2021 investigation was led by former Gangnam Police Commissioner “D”, who was later sentenced to 18 months in prison in August 2024 on bribery charges.
Suspects' Actions Police allege that the two suspects were linked to the A Coin Foundation and used the wallet’s mnemonic recovery phrase to transfer the assets.
Authorities say they are still examining the circumstances surrounding the digital asset leak.
Ongoing Investigation The Gyeonggi North District Police Department continues to investigate the cause of the loss and identify those responsible.
No official decision or compensation plan has been announced yet.
22 BTC Worth of Crypto Asset Disappeared: South Korean Police Investigation
South Korean police arrested two individuals on February 25, 2024, for violating the Information and Communication Network Act, linked to the loss of 22 BTC (~$1.5 million) during a 2021 hack investigation of the A Coin Foundation.
Sources
- Son Dakika · baglanti