George Miller
The ‘Korean Digital Asset Protection Foundation’ in South Korea has officially launched its operations. It has acquired the digital assets of approximately 40,000 users from five crypto trading platforms that have ceased operations, including Apro Korea, Ten and Ten, Hanbitco, Qbit, Pay Protocol, and AG.
Crypto Foundation in South Korea Assumes User Assets:
As reported by local media sources, the foundation intends to complete the transfer of user assets from as many as eight defunct firms by the end of this year.
Furthermore, the foundation will oversee around 200 million won in user contributions from seven entities, including Apro Korea, Qbit, Porisdax Korea Limited, Pobble Gate, Prabang, Peertech, and Korea Digital Exchange. These funds consist of Korean won assets held prior to amendments made to the Specific Financial Information Act in 2021.
Additionally, the foundation will manage customer deposits in won held by foreign exchanges before the introduction of the real-name verification for deposits and withdrawals. Users can retrieve their virtual assets and deposits after applying and passing the identity verification process.
Currently, the foundation is temporarily accepting queries and applications for asset returns through email, with plans to launch services on its website in January 2025.
Chairman Kim Jae-jin expressed, “To safeguard the valid rights and interests of digital asset users, we will assist exchanges in meeting their responsibilities to protect users and ensure a stable winding down of operations for companies that are shutting down.”