According to Yonhap News, data obtained by Korean People Power Party lawmaker Kang Min-guk from the Financial Supervisory Service shows that as of May 4, 15 suspended virtual asset service providers in South Korea had frozen user assets totaling KRW 22.1 billion (approximately USD 14.87 million), affecting around 1.949 million users. Of these, only six operators transferred assets to the Digital Asset Protection Foundation, covering 1.92 million users and KRW 2.36 billion (approximately USD 15.9 million). Only 131 users have recovered their assets through the foundation, with a total refund of KRW 745.2 million (approximately USD 50,000), representing a recovery rate of just 0.3%.
South Korea halts 15 virtual asset services, freezing 22.1 billion won
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Summary
Digital asset news from South Korea reveals that 15 suspended virtual asset service providers have frozen 22.1 billion won (approximately $14.87 million USD) in user funds, affecting 1.949 million users. Only six operators transferred 23.6 billion won (around $1.59 million USD) to the Digital Asset Protection Foundation. Just 131 users have recovered 74.52 million won (about $50,000 USD), with a recovery rate of 0.3%. The situation underscores ongoing challenges in real-world assets (RWA) and digital asset regulation.
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