South Korean audit board to review crypto seizure practices after major losses

South Korea's Board of Audit and Inspection (BAI) has launched a review into the management of seized and confiscated assets, with a focus on virtual assets, News1 reported. The BAI stated that it deemed the review necessary following a recent series of incidents involving the loss and theft of crypto seized by law enforcement and tax authorities. These incidents include the reported loss of approximately 42.1 billion won ($31.6 million) in seized crypto by the Gwangju District Prosecutors' Office and the Gangnam Police Station. Additionally, in February, South Korea's National Tax Service (NTS) had roughly 6.9 billion won ($5.2 million) in seized virtual assets stolen after a master key was exposed during a public relations campaign about its seizure performance.