Alby Lightning Network wallet users report unexpected Bitcoin withdrawals from inactive legacy wallets, sparking widespread concern over updated terms allowing fund removal after 12 months of inactivity.
The policy, applied retroactively to wallets created in 2023 or earlier, has left many users unaware of missing funds until they logged in, raising questions about transparency and user consent.
Arkham Intelligence’s revelation of undisclosed wallets holding over 70,000 BTC linked to Strategy intensifies scrutiny on corporate transparency in crypto asset management.
Alby wallet users face missing BTC due to inactivity clauses; Arkham reveals undisclosed Strategy wallets holding 70,816 BTC, raising transparency concerns in crypto custody.
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Recent reports from Alby Lightning Network wallet users have unveiled a contentious policy allowing the platform to withdraw Bitcoin from inactive legacy wallets after 12 months without user activity. This clause, embedded in updated terms of service, applies to wallets created in 2023 or earlier and has resulted in numerous users discovering their funds missing upon login. The policy’s retroactive application has caught many off guard, as explicit user consent or prior notification was reportedly absent. This development highlights the growing tension between wallet providers’ operational policies and user expectations regarding asset control and transparency.
The crypto community has voiced strong opposition to Alby’s approach, with users describing the withdrawals as “shameless” and likening the practice to misappropriation. Influential voices such as @1999_eth have criticized the lack of clear communication, emphasizing the potential for this policy to set a dangerous precedent if adopted by other wallet providers. Questions have emerged about whether prominent wallets like MetaMask, Rabby, or Zerion might implement similar inactivity clauses, potentially reshaping user asset security norms. This backlash underscores the necessity for wallet providers to balance operational policies with transparent user agreements and proactive communication.
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Source: https://en.coinotag.com/alby-users-report-possible-btc-withdrawals-from-inactive-wallets-amid-transparency-concerns/