Caution: Well-known app Accused of Seizing Cryptocurrency from Users Who Have Not Moved Their Assets for a Year

Alby, a platform popular among Bitcoin users, has been accused of withdrawing funds from some inactive Bitcoin wallets without user permission, according to community feedback.

According to allegations, all balances in shared wallets belonging to legacy Alby accounts, which had not made any transactions for 12 months, were reset by Alby.

In the terms of use section on Alby’s official website, it is stated that if shared wallets belonging to old accounts created in 2023 and before are not processed for 12 months, the remaining balances may be taken by the platform. Alby states that it implemented this practice in order to “facilitate the management of inactive accounts.”

While the company claims that it has been informing users about this for a long time, community members argue that there was a lack of sufficient and clear warnings. The controversial policy only covers old inactive Alby accounts and does not affect active accounts, Alby Hubs, fee credits, or other connected wallets.

Alby is a browser extension used to send and receive Bitcoin payments on the Bitcoin Lightning Network using a regular browser.

*This is not investment advice.

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