It’s essential to note that cryptocurrency is a high-risk asset class and the following information is for educational purposes only and should not be considered investment advice. By continuing to use this website, you agree to the terms and conditions. Affiliate links may be used within the content to receive commissions.
The South Korean cryptocurrency exchange Bithumb has announced its initiative to locate the “dormant” owners of approximately $206 million worth of digital assets, including Bitcoin (BTC), Ethereum (ETH), and XRP. The campaign targets users who have substantial cryptocurrency holdings on the Bithumb platform.
Among the notable cases is a cryptocurrency owner who has not accessed their account for over 3,357 days, equivalent to more than nine years. Additionally, another user holds approximately $2.7 million worth of cryptocurrencies in an inactive account.
Primarily consisting of Bitcoin tokens, the dormant assets on Bithumb’s platform also include Ethereum and XRP coins. The exchange defines “dormant wallets” as accounts that have not been accessed at least once a year over a decade.
Speculation has arisen regarding the inactive accounts, with some suggesting that the owners may have passed away or could be incarcerated. Bithumb aims to raise awareness and encourage users to verify their dormant virtual assets through its “Find Dormant Assets” service on the platform.
Bithumb emphasized the significance of this campaign due to its 10-year period as South Korea’s largest exchange, resulting in a high volume of dormant virtual assets. As part of this initiative, the exchange has introduced a specialized service and established verification procedures to enable users to reclaim their dormant assets.
Despite facing legal challenges and a restructuring of its fee system, Bithumb looks forward to regaining its market leadership in the cryptocurrency space. The exchange has experienced increased trade activity recently, propelled by the resurgence of the domestic and global crypto market. This demonstrates its resilience and potential to reclaim its position as a prominent cryptocurrency exchange.
