Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
DMM Bitcoin Ends Operations After Hack, Transfers Funds to SBI VC

DMM Bitcoin Ends Operations After Hack, Transfers Funds to SBI VC

CryptotimesCryptotimes2024/12/02 17:33
By:Dhara Chavda

DMM Bitcoin revealed that all leveraged trading positions must be settled before the transfer.

Japanese cryptocurrency exchange DMM Bitcoin announced its closure following a massive security breach in May 2024 that resulted in the theft of 4,502.9 BTC, worth approximately $306 million at that time. The company confirmed that its customer accounts and custodial assets will be transferred to SBI VC Trade, the crypto arm of financial conglomerate SBI Group, by March 2025.

SBI VC Trade Co., Ltd., a subsidiary of SBI Holdings, has announced a basic agreement to acquire all customer accounts and assets from DMM Bitcoin Co., Ltd. as part of its cryptocurrency trading business expansion. The transfer, scheduled for completion around March 2025, includes all Japanese yen and crypto assets held in existing accounts on DMM Bitcoin’s platform.

DMM Bitcoin Ends Operations After Hack, Transfers Funds to SBI VC image 0 DMM Bitcoin Ends Operations After Hack, Transfers Funds to SBI VC image 1 Source: X

In addition to the transfer, SBI VC Trade plans to expand its offerings by integrating the 14 cryptocurrency spot trading options currently available on DMM Bitcoin but not yet offered by SBI VC Trade. Both companies will continue discussions to finalize the agreement, including the specific transfer date and process. Further updates will be provided as details are confirmed.

DMM Bitcoin revealed that all leveraged trading positions must be settled before the transfer, while SBI VC Trade plans to integrate 14 cryptocurrencies currently traded on DMM Bitcoin into its own platform.

The hack prompted DMM Bitcoin to procure nearly $320 million through various funding initiatives in June to stabilize operations. Despite these efforts, the prolonged service restrictions on withdrawals and asset trading left the company acknowledging that continuing operations would harm customers.

Suspicion surrounding the hack points to North Korea’s Lazarus Group , with stolen funds allegedly laundered through Huione Guarantee, a Cambodian payment company tied to illicit money flows.

SBI VC Trade emphasized its commitment to a customer-centric approach, a core principle of its parent company, SBI Group, ensuring smooth service continuity during and after the transition.

The company reiterated the risks associated with cryptocurrency trading, such as price volatility, potential loss of private keys, and regulatory differences from traditional fiat currencies. Customers are advised to trade with caution and fully understand the associated risks by reviewing pre-contract documents and terms of service.

Follow The Crypto Times on Google News to Stay Updated!
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

ChatGPT’s head of product to testify in the DOJ’s antitrust case against Google

Share link:In this post: ChatGPT’s head of product, Nick Turley, has been added as a witness for the United States Department of Justice (DOJ) in its antitrust case against Google. Nick Turley is the latest addition to the witness list that features representatives from Perplexity and Microsoft. Google ramps up preparation for Turley’s testimony by asking for documents related to the hearing from OpenAI through a subpoena.

Cryptopolitan2025/01/18 16:01

SEC charges New York blockchain engineer over GME rug pull fraud

Share link:In this post: Eric Zhu settled SEC fraud claims for orchestrating a rug pull scheme involving Game Coin. Zhu allegedly misappropriated $553K by moving unlocked liquidity provider tokens to his control. The case marks one of SEC Chair Gary Gensler’s final enforcement actions.

Cryptopolitan2025/01/18 16:01