Bithumb Seeks to Reunite Crypto Owners with Their Lost Assets

The South Korean crypto exchange Bithumb is on a mission to find the rightful owners of $206 million worth of cryptocurrencies that have been lying dormant in its accounts. The exchange has announced a new service that will allow users to claim their coins, including Bitcoin, Ethereum, and XRP, by providing proof of identity and ownership.

Why are there so many unclaimed coins?

According to Bithumb, there are several reasons why some users have not accessed their crypto assets for a long time. Some of them may have forgotten their passwords, lost their devices, or passed away. Others may have been victims of hacking, phishing, or fraud. And some may have simply abandoned their accounts due to market fluctuations or regulatory uncertainties.

Bithumb said that it has been trying to contact the owners of these coins through various channels, such as email, phone, and SMS, but many of them have not responded or updated their information. The exchange also said that it has been complying with the anti-money laundering (AML) and know-your-customer (KYC) regulations, and has reported any suspicious transactions to the authorities.

How can users claim their coins?

Bithumb has launched a new service called “Asset Search” that will allow users to check if they have any unclaimed coins in their accounts. Users can access the service through the Bithumb website or mobile app, and enter their name, phone number, and email address. If they have any coins, they will receive a verification code and a link to claim them.

Users will need to provide proof of identity and ownership, such as a copy of their ID card, passport, or driver’s license, as well as a selfie with the document. They will also need to provide proof of their crypto transactions, such as a screenshot of their wallet address, transaction history, or exchange account. Bithumb said that it will review each case individually and process the claims within 10 business days.

What are the benefits of claiming the coins?

Bithumb said that by claiming their coins, users can enjoy various benefits, such as:

• Accessing their crypto assets and using them for trading, investing, or spending.
• Avoiding the risk of losing their coins due to hacking, theft, or legal disputes.
• Benefiting from the potential appreciation of their coins in the future.
• Supporting the development and innovation of the crypto industry.

Bithumb also said that it will reward users who claim their coins with a 1% bonus of their total assets, up to a maximum of $1,000. The bonus will be paid in the form of Bithumb Cash, which can be used for trading fees or withdrawals.

What are the challenges and risks of claiming the coins?

Bithumb said that it is committed to protecting the privacy and security of its users, and that it will not disclose any personal or financial information to third parties without their consent. However, it also warned users of some challenges and risks that they may face when claiming their coins, such as:

• The possibility of being scammed by impostors or hackers who may try to steal their verification codes, links, or documents.
• The possibility of being taxed by the government for their crypto income or capital gains, depending on the laws and regulations of their jurisdiction.
• The possibility of being investigated by the authorities for any illegal or suspicious activities related to their crypto transactions.

Bithumb advised users to be careful and vigilant when claiming their coins, and to consult with a professional advisor if they have any doubts or questions.