DMM Bitcoin Exchange to Shut Down Post-Hack

2 hours ago

The Japanese cryptocurrency exchange DMM Bitcoin announced its closure following a massive cyberattack in May 2024. Accounts and assets will transfer to SBI VC Trade.

Impact of the DMM Bitcoin Cyberattack

The cyberattack on DMM Bitcoin resulted in the theft of 4,502.9 BTC, valued at approximately $306 million at the time. In June 2024, the company secured nearly $320 million to stabilize operations.

Asset Transfer to SBI VC Trade

SBI VC Trade has signed an agreement to acquire all customer accounts and assets from DMM Bitcoin. The transfer is expected to complete by March 2025. SBI VC Trade will also integrate 14 cryptocurrency trading options offered by DMM Bitcoin.

"We are committed to ensuring seamless service continuity during and after the transition," the company stated.SBI VC Trade

Investigation and Future Steps

The attack is suspected to be the work of the North Korean hacker group, Lazarus Group. SBI VC Trade emphasizes the risks associated with cryptocurrency trading and advises customers to exercise caution.

The situation with DMM Bitcoin highlights the importance of reliability and security in the cryptocurrency industry. SBI VC Trade plans to support customers through the transition and ensure safe trading.

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