TechFlow News, May 12: According to Yonhap News Agency, 15 virtual asset service providers (VASPs) in South Korea have ceased operations, freezing approximately 22.114 billion KRW worth of user assets. To date, only about 74.52 million KRW has been returned—representing a recovery rate of roughly 0.3%. Data indicates these platforms collectively served approximately 1.9497 million users. The Digital Asset Protection Foundation was established by DAXA in October 2024 to receive and return user assets from defunct platforms; however, only six platforms have completed the asset transfer process. South Korean National Assembly member Kang Min-kook pointed out that current legislation does not mandate defunct VASPs to transfer user assets to the Foundation, thereby hindering the asset recovery effort.
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