Approximately KRW 22.1 billion worth of user assets have been frozen from defunct virtual asset service providers in South Korea, with a return rate of only 0.3%.

According to Yonhap News Agency, 15 virtual asset service providers (VASPs) in South Korea have ceased operations, freezing approximately 22.114 billion KRW worth of user assets; however, only about 74.52 million KRW has been returned so far—representing a return rate of roughly 0.3%. Data shows these platforms collectively served approximately 1.9497 million users. The Digital Asset Protection Foundation was established by DAXA in October 2024 to receive and return user assets from defunct platforms, yet only six platforms have completed the transfer of assets to the foundation. South Korean National Assembly member Kang Min-kook pointed out that current legislation does not mandate defunct VASPs to transfer user assets to the foundation, thereby constraining the asset recovery process.