No, if an account is inactive for five years, and the company is unable to contact the account holder, it's turned over to the state to hold. The state publishes a list of unclaimed property and provides a process that the owner or other appropriate party can use to claim their property. You can see how it works in New York at https://www.osc.state.ny.us/ouf/.
Comments
So if you hold bitcoin in an account for 5 years, the state will steal it from you by force?
No, if an account is inactive for five years, and the company is unable to contact the account holder, it's turned over to the state to hold. The state publishes a list of unclaimed property and provides a process that the owner or other appropriate party can use to claim their property. You can see how it works in New York at https://www.osc.state.ny.us/ouf/.