Deep Tide TechFlow News, May 12 — According to Yonhap News Agency, 15 virtual asset service providers in South Korea have ceased operations, with approximately 22.11B Korean won in user assets frozen, but only 74.52 million Korean won has been returned so far, with a return rate of about 0.3%. Data shows that the related platforms involve about 1.9497 million users. DAXA established the Digital Asset Protection Foundation in October 2024, responsible for receiving and returning user assets from closed platforms, but only 6 platforms have completed asset transfers. South Korean National Assembly member Kang Min-kook pointed out that current laws do not mandate that closed virtual asset service providers transfer user assets to the foundation, resulting in limited reimbursement efforts.

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