A phishing attack drains government wallets: investigations are underway into the scam that hit South Korea.
South Korean authorities are dealing with a case in which approximately $48 million in bitcoin are believed to have disappeared from wallets managed by the prosecution.
The Gwangju District Prosecutors’ Office discovered the theft during a routine inspection of confiscated financial assets. According to reconstructions reported by local media, the shortfall amounts to roughly 70 billion won, equivalent to $47.7 million in BTC.
Initial investigations revealed how the theft occurred: an employee of the government agency reportedly visited a fraudulent website, falling victim to a phishing attack.
The newspaper Chosun Daily reported that the criminals were able to access the funds after obtaining login credentials.
The prosecution has opted to maintain strict confidentiality regarding the details of the investigation. Neither the exact amount stolen nor the timing of when the digital assets were originally confiscated has been disclosed.
“We are conducting an investigation to track the circumstances and whereabouts of the seized items,” a prosecutor told Yonhap News. “We cannot confirm specific details.”
Despite this phishing incident, global data point to an improving trend. According to Scam Sniffer, in 2025 losses related to phishing attacks in the digital asset sector fell by more than 80%, dropping to $83.85 million. The number of victims also declined by 70%, falling to 106,000 people.
