The South Korean Digital Asset Protection Foundation has begun operations, initially taking over user assets from five closed exchanges

Odaily Star Daily News: The South Korean Digital Asset Protection Foundation has announced the official start of operations and has taken over the digital assets of approximately 40000 users from five closed exchanges including Apro Korea, Ten and Ten, Hanbitco, Qbit, Pay Protocol, and AG. The foundation plans to complete negotiations on transferring user assets from up to eight closed companies within this year. In addition, the foundation will take over approximately 200 million Korean won of user deposits, which come from Korean won assets held by the Coin Market exchange before the revision of the 2021 Specific Financial Information Act. The virtual assets and deposits transferred to the foundation will be returned based on the original holder's application and after the identity verification process. The foundation will temporarily accept asset inquiries and return applications via email and provide services through the foundation website starting from January next year. (Korean News Agency)