DMMBitcoin has announced will close before March 2025 following a hack earlier this year that stole 4,502.9 Bitcoin
btc
$94,733.79
—for an approximate value of 305 million dollars.
Meanwhile, all DMM Bitcoin client accounts and assets are ready to move to SBI VC Trade.
SBI VC Trade is backed by SBI Holdings, one of the largest financial groups in Japan, so the company is in a good position to take over DMM Bitcoin clients and assets. This will likely help SBI VC Trade increase its presence in Japan’s competitive crypto space.
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The hack hit this Japanese cryptocurrency hard, forcing it to suspend key services such as spot trading and withdrawalswhich disrupted its ability to operate normally.
In a statement released on December 2, the company said more details about the transfer process, including timelines and instructions for users, will be shared once everything is finalized.
However, there is a problem: Holders of leveraged trades will need to close them before the transfer.as they will not be transferred to SBI VC Trade.
On the positive side, SBI VC Trade plans supports all 14 cryptocurrencies currently available on DMM bitcoinproviding users with continuity in their commercial options.
The DMM Bitcoin hack is just one of many incidents highlighting the crypto security space. Recently, a memecoin trading platform was the victim of a breach involving over 8,000 wallets and $30 million in Solana made the news. How did DEXX survive the hack? Read the full story.
Having completed a master’s degree in Economics, Politics and Cultures of the East Asian region, Aaron has written scientific articles analyzing the differences between Western and collective forms of capitalism in the post-World War II era.
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