The South Korean Digital Asset Protection Foundation has officially begun operations and has now taken over the assets of 40,000 users from closed exchanges.

According to ChainCatcher news and SBS Biz reports, the South Korean Digital Asset Protection Foundation has officially begun operations, responsible for receiving, safeguarding, and managing user deposits and virtual assets held by virtual asset companies that have ceased operations, and returning them to users. Customer deposits held by some virtual currency trading businesses will also be transferred to the Protection Foundation.

The Protection 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 to the foundation.

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

The Protection Foundation plans to complete negotiations with up to 8 closed businesses regarding the transfer of user assets by the end of this year, with 5 businesses being the first to transfer assets.