The Search for Dormant Crypto Owners: Bithumb Launches Campaign to Reunite Users with $206 Million Worth of Coins

The Search for Dormant Crypto Owners: Bithumb Launches Campaign to Reunite Users with $206 Million Worth of Coins

The South Korean cryptocurrency exchange Bithumb has announced an ambitious campaign to locate the owners of $206 million worth of dormant coins. Amongst these coins are popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and XRP. Bithumb’s initiative aims to remind users who possess these seizable crypto assets that their coins remain on the exchange’s platform.

The Forgotten Coin Holders

Bithumb uncovered astonishing statistics during their investigation. One user, for instance, has not logged onto the platform for an astounding 3,357 days, which amounts to over nine years. Furthermore, a “dormant” customer has failed to access their account that holds a staggering $2.7 million worth of coins. Most of the coins in question are Bitcoin tokens, while Ethereum and XRP form the remainder of the portfolio. Bithumb qualifies dormant wallets as accounts that have not been accessed at least once a year throughout a ten-year period.

One Reddit user speculates that some of these inactive token holders might have passed away or are currently incarcerated. The length of time some accounts have remained untouched raises questions about the lives of the individuals behind them. The situation highlights the unique nature of cryptocurrency as an asset that can potentially outlive its owner, and the complications that arise when there is no designated heir or method for access in case of unforeseen circumstances.

Bithumb, which launched in December 2013, has accumulated over 8 million customers on its platform. As the largest exchange in South Korea for over a decade, Bithumb found itself in possession of the largest volume of dormant assets. The campaign’s objective is the reunification of dormant cryptocurrency owners with their digital holdings. A spokesperson for Bithumb explained, “Some wallets have not been accessed for a long time.”

To facilitate the campaign, Bithumb has introduced a specialized service on its website called “Find Dormant Assets.” In order to access this service, customers must provide proof of identity by verifying their email addresses and mobile phone numbers. Bithumb hopes that by simplifying the process, more individuals will actively search and reclaim their dormant virtual assets.

Bithumb has witnessed a resurgence in trading activity recently, largely due to a revived domestic and global cryptocurrency market. Although it was once the leading exchange in South Korea, Bithumb has fallen behind its biggest competitor, Upbit, in recent years. In an attempt to regain lost market share, Bithumb has eliminated commission fees indefinitely.

As Bithumb embarks on its mission to locate dormant crypto owners, the cryptocurrency community eagerly awaits news of the campaign’s success. Whether it leads to the reunion of long-lost assets or the revelation of unfortunate circumstances, this unprecedented initiative sheds light on the peculiar challenges posed by the ownership and access to digital assets in the ever-evolving world of cryptocurrency.

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