PANews reported on May 12 that, according to Yonhap News Agency, Kang Min-guk, a lawmaker from the People Power Party, obtained data from the Financial Supervisory Service showing that as of May 4, 15 virtual asset service providers in South Korea had ceased operations, affecting approximately 1.949 million users and freezing assets totaling 22.1 billion won (US$14.87 million). Of these, only six operators, involving 1.92 million users and approximately 2.36 billion won (US$1.59 million), had transferred user assets to the Digital Asset Protection Foundation. Only 131 users recovered their assets through the foundation, representing 0.006% of all users, with approximately 74.52 million won (US$50,000) returned, accounting for only 0.3% of the total assets. Lawmaker Kang pointed out that current laws do not mandate that ceased service providers transfer user assets to the foundation, lacking legal enforcement mechanisms, and the foundation has not actively promoted the asset return application process. He urged the Financial Supervisory Service to expedite the second phase of legislation to strengthen user protection mechanisms.