Bithumb, the biggest crypto exchange in South Korea, has recently uncovered a significant amount of idle funds. In this respect, Bithumb has found a staggering $201.8M in dormant crypto assets that stayed forgotten for years. As per the local reports, the respective discovery occurs at the start of Bithumb’s exclusive recovery campaign. The platform is reconnecting the consumers with the long-lost funds.
Bithumb Urges Consumers to Reclaim Cumulative 291.6B Won in Long-Lost Funds
Bithumb’s discovery of nearly 291.6B won has taken place amid the “Happy New Year” celebrations. By uncovering this $201.8M in idle consumer funds, the platform has filled the community with joy. The development is a part of Bithumb’s wider campaign that urges the users to reconnect with their long-lost assets.
Particularly, some of the newly discovered funds are reportedly idle for more than a decade. This means that the respective funds have remained unused since the early days of the crypto exchange, when South Korea was witnessing the start of crypto adoption. In this respect, the biggest among the uncovered funds equaled a huge $2.84M. This underscores the potential for noteworthy value increases of the forgotten holdings over time.
Early Exposure and Years-Long Dormancy Lead to Extraordinary Gains
Dormant crypto accounts are often owned by the consumers who became a part of the market during the former bull cycles. Subsequently, some of them lost interest, and the others assumed the holdings to be insufficient and pulled back, leading to their long-term inactivity. Nonetheless, with substantial price appreciation, the respective holdings have reached massive sums.
According to Bithumb, some of these inactive holdings have even exceeded the staggering 61,000% growth. This indicates that the combination of early exposure and long-term holding can result in extraordinary gains without trading them actively. Hence, at the beginning of the new year, millions in terms of valuation are quietly waiting in the dormant Bithumb user funds to return to the market.
Source: https://blockchainreporter.net/bithumb-discovers-200m-in-crypto-assets-forgotten-for-years/