South Korea’s National Tax Service (NTS) has come under controversy after it was revealed that a cryptocurrency wallet master key (mnemonic code) was accidentally exposed while distributing materials promoting its achievements in seizing assets from high-value tax delinquents.

In a recent press release outlining its investigation and collection efforts against major tax defaulters, the NTS disclosed information about a USB-type cold wallet belonging to one such delinquent. During that process, part of the mnemonic code used to restore the wallet was reportedly made public.

Professor Cho Jae-woo of Hansung University, an information security expert, raised concerns on social media, stating that the wallet contained approximately 4 million tokens, estimated to be worth around $4.8 million. However, some have argued that the token in question has extremely low trading volume, making it virtually impossible to convert into cash in practice.

The NTS said it is currently investigating whether the exposure led to any actual external asset theft and is reviewing potential follow-up measures. Allegations of mishandling seized cryptocurrency assets by investigative authorities are not unprecedented.

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#MnemonicCode
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#Tokens
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