South Korea to manage its $57M in seized crypto assets

The South Korean government is introducing a system to systematically manage its 78 billion won (around $57.7 million) in public sector virtual assets to prevent theft, Yonhap News reported. The government approved a plan to improve the holding and management of public virtual assets at a meeting of the Emergency Economic Headquarters today. The meeting was chaired by Koo Yoon-chul, Deputy Prime Minister and Minister of Economy and Finance. Under the new rules, virtual assets seized or confiscated from personal wallets must be immediately transferred to and stored in an institutional cold wallet disconnected from the internet. The new system also mandates that critical information, such as private keys or recovery phrases, must be managed by at least two individuals in a split-access arrangement.