📣 DMM Bitcoin Shuts Down, Transfers Assets to SBI Group
posted 2 Dec 2024
Japanese crypto exchange DMM Bitcoin plans to cease operations following a $300 million hack in May. All assets will be handed over to SBI Group.
The Japanese cryptocurrency exchange DMM Bitcoin has announced its closure following a massive hack in May that resulted in the theft of 4,502.9 BTC, valued at $306 million at the time.
According to the analytics firm Elliptic, this incident ranks as the eighth-largest cryptocurrency theft in history.
Official statement from SBI VC Trade. Source: sbivc.co.jp
DMM Bitcoin has reached an agreement with SBI VC Trade, a subsidiary of SBI Group, to transfer customer accounts and held assets by March 2025. Exceptions include open margin trading positions, which must be closed before the migration.
DMM Bitcoin will transfer its assets to SBI Group. Source: japantimes.co.jp
To cover its losses, DMM Bitcoin raised ¥55 billion (approximately $365 million) through financial measures such as loans and capital increases. SBI VC Trade plans to maintain trading for the 14 cryptocurrencies supported by DMM Bitcoin and will finalize the asset transfer before the exchange’s official shutdown.
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