Dunamu ranks first in bid for South Korean police crypto custody contract

Dunamu, the operator of South Korean crypto exchange Upbit, has ranked first in a technical evaluation to become the custodian for virtual assets seized by the country's National Police Agency, according to the Public Procurement Service's Nara Jangteo platform. Out of six applicants, Dunamu scored 94.14 points, making it the preferred bidder for the contract. Korea Digital Asset Custody (KDAC) came in second with 90.32 points. The project aims to securely store and manage cryptocurrencies like Bitcoin that are confiscated during police investigations by entrusting them to a specialized private firm. The contract has a budget of 267 million won (around $193,000) and is set for a one-year term.