According to Deep Tide TechFlow news, on December 16, as reported by Korean media, the Korea Digital Asset Protection Foundation officially announced the start of its operations on December 16, having taken over the digital assets of approximately 40,000 users from five defunct exchanges: Apro Korea, Ten and Ten, Hanbitco, Qbit, Pay Protocol, and AG. The foundation plans to complete asset transfer negotiations with up to eight defunct exchanges by the end of 2024. Additionally, the foundation will also take over user deposits of about 200 million Korean won from seven exchanges.
The chairman of the foundation, Jin Zaizhen (phonetic), stated that asset inquiries and return applications will be processed via email, and plans to launch an official website to provide related services in January 2025. The organization was established on September 26, 2023, primarily responsible for receiving, safeguarding, and returning user assets from defunct digital asset companies.