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The Korea Digital Asset Protection Foundation officially begins operations, having taken over the assets of 40,000 users from closed exchanges

Organizer: Luan Peng, ChainCatcher

Important News:

The Korea Digital Asset Protection Foundation officially begins operations, having taken over the assets of 40,000 users from closed exchanges.

According to SBS Biz, the Korea Digital Asset Protection Foundation has officially begun operations. The foundation is responsible for receiving, safeguarding, and managing user deposits and virtual assets held by virtual asset businesses that have ceased operations and returning them to users. Customer deposits held by some trading businesses in the virtual currency market will also be transferred to the protection foundation.

The foundation announced today that it has transferred the assets of approximately 40,000 users from five closed virtual asset exchanges: Apro Korea, Ten and Ten, Hanbitco, Qbit, Pay Protocol, and AG.

Since the foundation's establishment on September 26, it has conducted individual discussions with the closed businesses to verify the status of the assets to be transferred, ensure the actual possession certification of user assets under custody, and carried out necessary procedures such as asset review and test transfers to ensure the safe transfer and management of user assets.

The protection foundation plans to complete negotiations regarding the transfer of user assets with up to eight closed businesses by the end of this year, with five businesses being the first to transfer assets.

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