South Korean police to select private custodian for seized crypto

South Korea's National Police Agency is in the process of evaluating proposals to select a private custodian for seized virtual assets, a move expected to prevent future losses of such assets, Munhwa Ilbo reported. Seven companies have applied for the contract: BDACS, KODA, KDAC, Upbit Custody, Hecto Wallet One, DSRV, and AhnLab Blockchain Company. The outlet explained that while the project itself, valued at 200 million won (around $145,000), offers low profitability, the companies are motivated by the potential to enhance their credibility. Managing police-seized assets would serve as a strong endorsement of their operational and security capabilities, bolstering their reputation across the public sector.