Board of Audit and Inspection launches review of management of seized virtual assets by prosecutors, police and the National Tax Service
Summary
- The Board of Audit and Inspection said it has begun monitoring the management of virtual assets seized and confiscated by investigative authorities and tax agencies.
- It said it will review the adequacy of management practices after a series of cases involving the loss and theft of virtual assets seized by the prosecution, police and the National Tax Service, among others.
- The BAI said it plans to inspect the storage and management system for seized and confiscated items, including virtual assets, targeting the prosecution, police, the National Tax Service and the Korea Customs Service, among others.
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South Korea’s Board of Audit and Inspection (BAI) has begun monitoring how investigative authorities and tax agencies manage seized and confiscated virtual assets (cryptocurrencies).
On the 4th, the BAI said it will examine the overall adequacy of management practices following a string of incidents involving the loss and theft of virtual assets seized by the prosecution, police and the National Tax Service (NTS).
Previously, the Gwangju District Prosecutors’ Office and the Gangnam Police Station reported incidents in which seized virtual assets worth about 42.1 billion won were lost. In February, there was also an incident in which a master key was exposed externally during the NTS’s promotion of its virtual-asset seizure results, leading to the theft of seized virtual assets worth about 6.9 billion won.
The BAI plans to inspect the entire storage and management system for seized and confiscated items, including virtual assets. The agencies subject to the review include the Supreme Prosecutors’ Office, the National Police Agency, the NTS and the Korea Customs Service.
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE
