South Korean Prosecutors Liquidate $21.5 Million in Bitcoin Seized from Illegal Gambling Case

Gwangju prosecutors sold 320.8 BTC, generating $21.5 million, following a seizure from an illegal gambling case, later returned by hackers after a phishing theft.

BTC

Summary

On March 10, 2025, the Gwangju District Prosecutor’s Office in South Korea completed the sale of 320.8 BTC, generating approximately $21.5 million. The Bitcoin was originally seized in an illegal gambling case, lost after a phishing theft in August 2025, and later recovered from hackers. The sale occurred between February 24 and March 6, 2025, reflecting the ongoing effort to manage seized digital assets.

Terms & Concepts
  • Phishing Attack: A cybercrime tactic in which attackers deceive individuals into revealing sensitive information, often used to steal cryptocurrency or online credentials.
  • Bitcoin: A decentralized digital currency operating without a central authority, transferred on a peer-to-peer blockchain network.
  • Seized Assets: Assets confiscated by authorities, often sold or held pending legal resolution.