DMM Bitcoin is ceasing operations and transferring all customer accounts and assets to SBI VC Trade following a major hack.
Asset Transfer Agreement
SBI VC Trade, a division of Japan's SBI Holdings, announced an agreement to acquire all customer accounts and assets from DMM Bitcoin. According to SBI VC Trade, all customer assets, including Japanese yen and cryptocurrencies, will be transferred by March 2025.
Details of DMM Bitcoin Hack
The hack, announced in May, resulted in the loss of 4,502.9 BTC, valued at approximately $306 million. DMM Bitcoin assured its clients of full reimbursement of the lost funds with support from group companies.
Rising Threat of Exchange Hacks
The DMM Bitcoin hack highlights the growing threat of attacks on centralized cryptocurrency exchanges in 2024. Recently, UAE-based M2 exchange also suffered a $13.7 million hack but swiftly restored user funds and reinforced security measures.
The DMM Bitcoin incident underscores the importance of security measures for exchanges and a client-focused approach.
