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Gov't to adopt system to better manage virtual assets under its custody following series of breaches

Published: 10 Apr. 2026, 09:22

This photograph, taken in Mulhouse on Dec. 5, 2025, shows a phone displaying a downward trend in the stock market in front of a screen displaying a Bitcoin logo. The hype surrounding cryptocurrencies, fueled by the return of U.S. President Donald Trump and the hope of a pro-crypto shift in Washington, seems to have stalled with the brutal fall of bitcoin, highlighting the deep fragility of the sector. [AFP/YONHAP]

The government will adopt a system to better manage virtual assets under its custody following a series of security breaches, the Ministry of Finance and Economy said on Friday.

The plan was finalized during an emergency economic meeting presided over by Finance Minister Koo Yun-cheol, following repeated incidents of asset leaks partly attributed to staff shortages and poor management.

As of Monday, the central government held approximately 78 billion won ($53 million) worth of virtual assets seized or frozen during investigations and tax collection processes. Such assets are temporarily held before a final disposition or before being converted into cash.

By agency, the National Tax Service (NTS) held 52.1 billion won, followed by the prosecution with 23.4 billion won, the Korean National Police Agency with 2.2 billion won and the Korea Customs Service with 300 million won.

In February, the NTS said that mnemonic codes used to recover virtual assets were leaked, which resulted in the theft of about 4 million PRTG tokens, estimated to be worth several million won.

The Gangnam Police Precinct also belatedly discovered that 22 Bitcoins, worth about 2.1 billion won in total, had been stolen.

Under the plan, the government will introduce a comprehensive management system covering all stages of the process, from acquisition to post-incident responses.

Incidents caused by any violations of regulations will result in criminal complaints and disciplinary measures against those responsible.

Yonhap