Crypto▲ Bullish
Dunamu Wins $195K Police Crypto Custody Contract After Asset Losses
Upbit parent Dunamu won a one-year police contract to store seized crypto after 22 Bitcoin vanished from a cold wallet. The deal uses cold storage and multi-party computation.
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South Korea's National Police Agency picked Dunamu, the parent company of the Upbit exchange, to store cryptocurrencies seized in criminal cases. The one-year contract, awarded through the country's public procurement system, follows a series of incidents where police custody of digital assets came under scrutiny.
Dunamu won the open tender in July, earning the top technical evaluation score. The deal is valued at about 267 million won, roughly $195,000 at exchange rates during the tender period, according to procurement documents.
The custody will run through Upbit Custody, a platform that keeps assets in fully offline cold storage. The system uses Multi-Party Computation along with Distributed Key Generation. Multi-signature checks require approval from multiple parties before any asset can move.