South Korean Stock Exchange Searches for ‘Missing’ Owners of Crypto Worth $206 Million
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South Korean crypto exchange Bithumb said it wants to find “dormant” owners of $206 million worth of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and XRP.
According to Chosun Ilbo, Bithumb said it has launched a “campaign” to help remind users with seizeable crypto assets that their funds remain on the platform.
Bithumb noted that a crypto holder had not logged into the exchange platform for 3,357 days (more than nine years).
Another “dormant” customer was unable to log into an account containing over $2.7 million in coins, Bithumb said.
Most of the coins consist of Bitcoin tokens and the rest mainly consist of Ethereum and XRP coins.
Bithumb classifies “dormant wallets” as accounts that have not been logged in at least once a year for 10 years.
One highly upvoted commenter noted that some of the token holders may be dead or “in jail.”
Trading volumes on Bithumb crypto exchange over the last 12 months. (Source: CoinGecko)
Will South Korean Crypto Holders Reunite With Their Lost BTC, ETH, and XRP?
Bithumb was launched in December 2013 and has seen nearly 8 million customers create wallets on its platform.
A Bithumb spokesperson said the “goal of the campaign” is to help reconnect people with their money. The speaker said:
The stock exchange said that it launched a special service while starting its campaign.
Bithumb said on its website that it has created a “Find Sleepless Beings” service.
In order to use the service, customers must prove their identity by verifying their email address and mobile phone number. The exchange concluded:
Bithumb has seen a resurgence in trading in recent weeks, thanks in part to a resurgent local and global crypto market.
The platform was once the country’s market leader but has fallen far behind its biggest rival, Upbit, over the past few years.Korean Investors Increased Bitcoin SV, Price Increased 65% in 24 Hours BSV, the cryptocurrency of #Bitcoin, experienced a 65% increase in the last 24 hours on Upbit, South Korea’s largest exchange. #CryptoNews
— Cryptonews.com (@cryptonews) December 28, 2023
Bithumb attempted to recover trading by eliminating commission fees indefinitely.
The company also hopes to launch on the KOSDAQ exchange in 2025, despite ongoing legal issues regarding its alleged “secret owner.”South Korean Biz Manager ‘Bithumb Market Manipulation’ Investigation Continues
A South Korean court granted bail to a media mogul and company executive as part of an investigation into market manipulation and insider trading on Bithumb.#CryptoNews
— Cryptonews.com (@cryptonews) December 28, 2023
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