TechFlow news — On December 16, according to South Korean media, the Korea Digital Asset Protection Foundation officially announced the start of its operations. It has taken over digital assets belonging to approximately 40,000 users from five defunct exchanges: Apro Korea, Ten and Ten, Hanbitco, Qbit, and Pay Protocol. The foundation plans to complete asset transfer negotiations with up to eight inactive exchanges by the end of 2024. In addition, it will assume custody of around 200 million KRW in user deposits from seven exchanges.
Kim Jae-jin (translated name), chairman of the foundation, stated that asset inquiry and recovery applications will be handled via email, and an official website offering related services is scheduled to launch in January 2025. Established on September 26, 2023, the foundation is primarily responsible for receiving, safeguarding, and returning user assets from defunct digital asset businesses.
