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"Crypto Exchange Finds a New Source of Revenue: 'Inactivity Fee'"

2022-07-06 [vendor] Bitstamp
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Incident Details

The cryptocurrency exchange Bitstamp announced its plans to charge a €10 (~$10.17) monthly fee to inactive users outside of the US who had account balances below €200 ($203.38). The exchange explained that “keeping inactive accounts on the books is a cost”, and that users could buy or sell crypto, make deposits or withdrawals, or sign up for staking to avoid the fee.The plans enraged some of their users, who called the company a scam and questioned the decision to charge only the users with the least funds. Following the backlash, Bitstamp walked back the decision to impose the fee.

Technical Details

Vendor / Product
Bitstamp

Timeline

  1. 2022-07-06 Breach occurred
  2. 2022-07-06 Publicly disclosed