South Korean police to select custodian for seized crypto assets

Incidents of seized crypto assets disappearing from police custody in South Korea are expected to become a thing of the past, the Munhwa Ilbo reported. This comes as the National Police Agency is in the final stages of selecting a private-sector custodian to manage these assets, with a decision expected as early as this week. Seven major crypto custody firms have submitted bids for the contract: BDACS, KODA, KDAC, Upbit Custody, Hecto Wallet One, DSRV, and AhnLab Blockchain Company. For this fourth round of bidding, the government expanded the scope of eligible companies and increased the project's budget 3.2-fold year-over-year to 267 million won (around $192,000).