South Korea's Tax Authority Suffers $4.8 Million Crypto Heist Due to Photo Blunder

The National Tax Service (NTS) in South Korea has fallen victim to a significant crypto heist after a photo blunder revealed sensitive information. The theft, valued at $4.8 million, occurred when the NTS shared a photo of seized hardware wallets and their secret phrases online.

The incident highlights a disturbing trend of security lapses involving government agencies in South Korea. In 2021, Seoul's Gangnam police lost 22 BTC (approximately $1.5 million) after leaving funds and seed phrase with a third-party custodian. The perpetrators were later detained.

Koo Yun-cheol, the Deputy Prime Minister and Minister of Finance and Economy, has confirmed that several government agencies will investigate the leak and review their security protocols to prevent similar incidents in the future.