Svmuu News: Officials at the Gangnam Police Station in Seoul, South Korea, have been found to have lost 22 Bitcoin coins—worth approximately $1.4 million at current prices—seized from a company that had been robbed in 2021, due to failure to comply with cryptocurrency custody guidelines.Investigations revealed that instead of depositing the assets into a controlled cold wallet as required, the police allowed a third-party company to manage them without retaining the mnemonic phrase. In 2022, the third-party company provided the mnemonic phrase to an individual identified as Jeong, resulting in the loss of the funds.Currently, the Gyeonggi Northern Provincial Police Agency has arrested two suspects in connection with the case. Previously, a member of the original hacking case investigation team was indicted last year on bribery charges, and the third-party company involved is alleged to have bribed officials to ensure the investigation proceeded in its favor.Additionally, during its review, the Gwangju District Prosecutors’ Office uncovered another case involving the loss of 320 Bitcoin, valued at approximately $21 million.