Blink Wallet begins charging custodial accounts inactive for 12 consecutive months an inactivity fee
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Blink Wallet begins charging custodial accounts inactive for 12 consecutive months an inactivity fee, with fees already deducted fully refunded after logging in again.
Article
Bitcoin Lightning Network wallet Blink Wallet charges inactive custodial accounts, deducting each month 1 USD until the balance reaches zero.
BlockBeats reports that October 27, Bitcoin Lightning Network wallet Blink Wallet began charging custodial accounts that had been inactive for 12 consecutive months an inactivity fee, with each bitcoin and USD balance deducted monthly at 1 USD until the balance reaches zero. Sources familiar with the matter disclosed that approximately 100000 accounts met the fee criteria, with combined balances exceeding 800000 USD, and that the first round of deductions totaled approximately 45000 USD, but the relevant data has not yet been independently verified.
Blink said the move is intended to cover infrastructure and compliance costs for inactive accounts and encourage users to switch to self-custody. After users log in again, fees already deducted will be automatically refunded in full; self-custodial accounts are not affected. (Bitcoin Magazine)
Original link https://m.theblockbeats.info/flash/373825
Key points
01
Blink Wallet begins charging custodial accounts inactive for 12 consecutive months an inactivity fee.
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Each bitcoin balance and USD balance is deducted monthly at 1 USD until the balance reaches zero.
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Blink said the charges are intended to cover infrastructure and compliance costs for inactive accounts and encourage users to switch to self-custody.
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After users log in again, fees already deducted will be automatically refunded in full.
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Self-custodial accounts are not affected.
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Sources familiar with the matter said approximately 100000 accounts met the criteria, with combined balances exceeding 800000 USD, and that the first round of deductions totaled approximately 45000 USD, but these data have not been independently verified.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
If a custodial account is inactive for 12 consecutive months, Blink Wallet will deduct monthly fees from its bitcoin balance and USD balance, respectively. After the user logs in again, the deducted fees will be automatically refunded in full; self-custodial accounts, in which users retain control of their assets, are not affected.
Why it matters to readers
This rule will cause the balances of custodial accounts that have not been accessed for an extended period to continue decreasing until they reach zero; Blink said the move will also encourage users to switch to self-custody.
New users of Blink Wallet custodial accounts should monitor whether their accounts remain inactive for an extended period and understand the distinction between custodial and self-custodial accounts under this fee policy.
Risks and unknowns
Approximately 100000 qualifying accounts, combined balances exceeding 800000 USD and first-round deductions of approximately 45000 USD all came from sources familiar with the matter and have not been independently verified.
The report did not provide Blink Wallet's complete fee policy or the status of refund implementation.
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Related concepts
Custodial account
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