According to a report by Cointelegraph on February 27th, TechFlow Korean police arrested two suspects in connection with the theft of 22 bitcoins (worth approximately $140 million). These bitcoins were originally seized by police in November 2021 during a cryptocurrency exchange hack, but 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 seed phrase.
The wallet 'seed phrase was reportedly later given to a man named "Mr. Jeong" as part of a loan agreement. The case wasn't discovered until four years later, during a nationwide audit of another case involving the disappearance of 320 bitcoins at the Gwangju District Prosecutors' Office.
