What does escheatment mean?
Your funds go into escheatment when the owner has made no contact or activity generated for a period of time designated by state law. At this point, they are considered unclaimed or abandoned property. Companies in the U.S. are obliged to give assets that they believe are abandoned to the U.S. state governments. The appropriate state government is the state where you've told us you reside; if you reside outside the U.S., then the state of Delaware, our state of incorporation, is the appropriate state government.
What did Circle do with my funds?
Digital currency that is considered abandoned based on the unclaimed property laws of the account holder's state of residence are converted into U.S. dollars. The proceeds from this conversion are then sent to the account holder's state unclaimed property office to be held until the owner makes a claim to recover the U.S. dollar proceeds of this conversion.
Funds from fiat holding accounts are also sent to the account holder's state unclaimed property office to be held until the owner makes a claim to recover.
How do I get my money back?
Each state has its own method for an owner to claim abandoned property, which is normally outlined on their website. The National Association of Unclaimed Property Administrators has assembled a FAQ that provides answers to common questions: https://unclaimed.org/search/.
If you received a letter from your state regarding Unclaimed/Abandoned Funds and require additional information, please contact us at email@example.com along with the account number listed on the letter.