South Korean Crypto Exchange Scours for ‘Missing’ Owners of $206M Worth of Digital Assets
South Korean exchange Bithumb is on a quest to locate the dormant owners of cryptocurrency holdings worth $206 million, including Bitcoin (BTC), Ethereum (ETH), and XRP. The exchange has launched a campaign to remind users about their remaining coins on the platform. Surprisingly, some owners haven’t logged into their accounts for nearly a decade, while others hold millions of dollars in inactive wallets. Bithumb defines dormant wallets as accounts that have shown no activity for at least one year over a ten-year period. Speculations arise that some token holders might have passed away or are serving time in prison. With over 8 million customers on its platform, Bithumb aims to reunite people with their lost assets through this unique initiative. To utilize the “Find Dormant Assets” service on Bithumb’s website, customers need to verify their identity with their email addresses and mobile phone numbers. The exchange hopes that this special service will motivate users to check on their dormant virtual assets. Bithumb has been experiencing a resurgence in trading volume lately, thanks to the booming domestic and global crypto markets. Despite its previous dominance, the platform has fallen behind its biggest competitor, Upbit, in recent years. In an effort to win back market share, Bithumb has removed commission fees indefinitely and plans to list on the KOSDAQ exchange by 2025, despite facing legal issues related to its alleged “secret owner.”