• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Bitcoin Theft in South Korea: Investigating a $4.1 Million Cybercrime

Bitcoin Theft in South Korea: Investigating a $4.1 Million Cybercrime

user avatar

by Giorgi Kostiuk

3 months ago


A recent Bitcoin theft case in South Korea has drawn attention to the critical importance of securing cryptocurrency, especially the wallet recovery phrase.

Details of the Bitcoin Theft

In South Korea, authorities apprehended four individuals connected with the theft of 45 Bitcoin, valued at approximately 5.9 billion won or about $4.1 million at the time of the report. The perpetrators allegedly gained unauthorized access to the victim’s crypto wallet after posing as offering a secure storage solution for their digital assets.

Importance of the Wallet Recovery Phrase

The wallet recovery phrase (seed phrase) is the key piece of information for anyone holding cryptocurrency. It typically consists of 12 or 24 words that allow you to restore access to your funds on any compatible wallet software or hardware. Here’s why it’s critical:

* Full Access: Anyone with your recovery phrase can gain complete control over your cryptocurrency stored in that wallet. * No Password Needed: The recovery phrase bypasses the wallet's device-specific protections. * Offline Security is Key: It should ideally never be stored digitally, but rather in secure physical locations.

Investigation and Arrests

According to the Seoul police announcement on April 25, the extensive investigation using blockchain forensics led to the apprehension of the group. Two of the four arrested individuals have been formally charged and transferred to prosecutors, while the remaining two are still under investigation without detention, reflecting authorities' commitment in South Korea to combat crypto crime and protect investors.

The arrest of suspects in connection with the $4.1 million Bitcoin theft in South Korea marks a positive step, illustrating that crypto crime is traceable. However, the method used to obtain the wallet recovery phrase emphasizes the need for heightened vigilance among all cryptocurrency owners.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Cryptocurrency Trends: Growth of CROSS, BONK, and Market Fluctuations

chest

Significant price fluctuations observed in the cryptocurrency market over the last 24 hours as trending tokens experience notable changes.

user avatarGiorgi Kostiuk

Cardano Card: Emurgo's New Step in the Crypto World

chest

Emurgo has introduced Cardano Card, a tool for using ADA in everyday payments and financial operations.

user avatarGiorgi Kostiuk

Crypto.com Unveils Whale Basket for Investment Strategy Replication

chest

Crypto.com introduces Whale Basket, allowing users to replicate investment strategies of renowned investors without subscription fees.

user avatarGiorgi Kostiuk

Who Could Replace Jerome Powell as Fed Chair?

chest

Donald Trump is considering a new Fed chair, which could alter monetary policy and impact the cryptocurrency market.

user avatarGiorgi Kostiuk

XRP: Price Analysis and Key Support and Resistance Levels

chest

A brief analysis of the current situation regarding XRP prices, including key support and resistance levels.

user avatarGiorgi Kostiuk

XRP Reports Record Growth Outperforming Bitcoin and Ethereum

chest

XRP experiences a sharp rise reaching $2.92, driven by significant legal and technical news.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.