#NasdaqETFUpdate A Bitcoin wallet withdrew funds from its users

Users of the BTC wallet Alby report that their funds are being withdrawn due to a controversial clause in the Terms of Service. Alby reserves the right to withdraw funds from inherited wallets that have been inactive.

"Give me back my BTC," "How is this different from theft": the complaints of those affected.

Alby, a Bitcoin (BTC) wallet, is facing controversy after reports from users who claim their funds were withdrawn without consent. According to complaints on X from June 10, Alby applied a clause in its terms of service that allows for the deduction of the full balance of users' inherited accounts.

Alby, which offers solutions based on the Lightning Network (LN), reserves the right to withdraw the total balance of inherited wallets created from 2023, if they do not record transactions for a continuous year, according to clause number 12 of the Terms and Services, as seen in the following image (this measure would not affect other types of accounts): The complaint of users after losing their bitcoins

On X, several users have expressed their outrage. One affected user stated: "Anyone using Alby, please check if your bitcoins are still there. Many, including myself, report that our bitcoins were transferred and removed. I checked the terms and found that they added that if you are not active, they can take all your money. It’s too shady! How is this different from theft?"

That same person also warned about the precedent this sets: "If all wallets do the same, wouldn’t this be 'legal theft'? Some have lost thousands of dollars. This cannot be explained by an unfair clause!" They also added a screenshot showing the withdrawal of their BTC, subject to "inactivity fee":