Upbit parent Dunamu to custody seized crypto for South Korean police

Dunamu has secured a one-year contract to take custody of digital assets seized by South Korea’s National Police Agency after winning the agency’s public tender process. Summary Dunamu has won a one year contract to custody digital assets seized by South Korea’s National Police Agency. Seized cryptocurrencies will be stored through Upbit Custody using offline cold wallets and round the clock monitoring. The police tender followed earlier incidents in which Bitcoin held by South Korean authorities went missing. Dunamu received the highest technical evaluation before securing the final contract after negotiations. The custody platform uses MPC, DKG and multi signature security with separate wallets for different asset types. According to a statement released by Dunamu on Aug. 7, the Upbit operator was named the final winner of the Korean National Police Agency’s project to store and manage confiscated digital assets following technical negotiations that concluded the procurement process. The announcement completes a bidding process that began earlier this year, with the company moving from preferred bidder status to the final contractor after negotiations with the police agency. The ...