A friend of mine has/had a bitcoin wallet service provided by an online marketplace. Sounds like he had some kind of disagreement with the site administrators and they terminated his account. At that time, he still had some BTC in the wallet. Not a lot (about $50.00 USD or so), but still.
Is there any way to recover the funds, or are we all at the mercy of our wallet service providers in that respect?
Seeing as all transactions are recorded in the ledger, I figured perhaps there's some way to claim/prove/declare ownership. It seems pretty thin, but surely there's some kind of safeguard in place, otherwise wallet service providers could exploit that trust and just terminate all their customers accounts and take all their funds with impunity at any moment. Right?