Bithumb, South Korea's second-largest crypto exchange by trading volume, announced the discovery of 291.6 billion won (≈ $201.8 million) on inactive accounts. These funds were identified as part of a special recovery campaign aimed at users who had been inactive for over one year. In total, the campaign affected 2.6 million accounts, some of which had been dormant for more than 10 years, with certain accounts inactive for nearly 12 years. The maximum amount found on a single inactive account was approximately $2.84 million.
Bithumb Discovers $201.8M on Abandoned Accounts
Following an internal audit, the exchange recorded a total volume of inactive assets amounting to 291.6 billion won and highlighted millions of such accounts. Additional related materials have been published separately; for example, see the report Bithumb Identified $200M, which presents similar data.
Account Recovery Campaign: Goals and Process
The exchange launched the campaign to return digital assets to their rightful owners and inform users about the opportunity to regain access. Bithumb plans to contact owners through official communication channels and assist all clients eligible under the campaign. The announcement emphasizes that many of the identified accounts were opened during the early years of cryptocurrency interest, and in some cases, involved small or experimental purchases.
Asset Value Growth During Years of Inactivity
The exchange notes that some digital currencies left on these accounts have significantly increased in value over the years of inactivity; certain tokens have appreciated by tens of thousands of percent since purchase. This is because the assets were neither sold nor moved during periods of high volatility, resulting in some portfolios’ values greatly exceeding their initial investments. The example of the largest inactive account illustrates how long-term holding could increase the nominal capital value.
Why This Matters
For miners, this event does not directly affect equipment operation or mining profitability but provides a useful illustration: long-term holding of certain tokens can dramatically increase their price over time. Understanding such cases helps assess the risks and benefits of holding mined or purchased cryptocurrency instead of quickly converting it.
Additionally, news about large sums on abandoned accounts underscores the importance of maintaining control over wallet and exchange account access. Stay updated with platform announcements and security updates, and monitor information about suspicious transactions on major platforms; for example, materials on suspicious transactions can help better navigate risks.
What Should You Do?
- Check old accounts: recall which exchanges you registered on and try to recover access through official recovery forms.
- Update contact details and email on platforms you use to avoid missing recovery or security notifications.
- If you have access to long-unused accounts, keep purchase confirmations and transaction history—this can simplify proving ownership of assets.
- Use only official exchange communication channels when recovering access and beware of phishing emails and scammers.
- Consider regularly reviewing and consolidating assets in wallets you control to reduce the risk of losing access due to forgotten accounts.