Upbit Extends 'Free Recovery Fee for Erroneous Transfers' Until January Next Year

Domestic virtual asset exchange Upbit will restore virtual assets mistakenly sent by users free of charge until January next year.

Dunamu, the operator of Upbit, announced on the 21st that it will extend the free fee period for the mistaken transfer recovery service until January next year. Mistaken transfers refer to cases where users enter the wrong deposit address or network when depositing virtual assets to Upbit, send virtual assets that Upbit does not support for trading, or enter the wrong secondary deposit address.

In the case of banks, the recipient's name can be confirmed before remittance, and since the transfer is made through the bank's central server, the bank can return mistaken transfers. In contrast, virtual asset transfers occur on the blockchain, making it sometimes impossible for virtual asset exchanges to recover them.

Earlier, Dunamu launched the Mistaken Transfer Digital Asset Recovery Campaign in October and waived all mistaken transfer recovery fees until the end of this year. Previously, a fee of 100,000 KRW was charged to recover virtual assets supported by Upbit trading, and 200,000 KRW for virtual assets not supported by Upbit trading.

A Dunamu official said, "Since the campaign, virtual assets worth 2.3 billion KRW have been recovered by Upbit users through recovery," adding, "We extended the free recovery fee period so that more users can retrieve virtual assets lost due to mistaken transfers."

Meanwhile, Dunamu has succeeded in recovering about 48,000 cases, accounting for 99.71% of mistaken transfer cases reported over the past five years (as of December this year).