Japan-based financial giant SBI Holdings has partnered with cryptocurrency exchange DMM Bitcoin, which experienced a cyber attack in May. As part of this agreement, DMM Bitcoin user assets will be transferred to SBI Holdings' subsidiary, SBI VC Trade.
Impact of the Cyber Attack on DMM Bitcoin
The cyber attack in May severely impacted the DMM Bitcoin exchange, resulting in the theft of $320 million worth of Bitcoin. Following the incident, the exchange announced plans to compensate customers for their losses, although progress has been insufficient. The FBI revealed that the attack was linked to the TraderTraitor group, allegedly associated with North Korea.
SBI VC Trade Awaits Users with New Products
SBI VC Trade plans to integrate 14 cryptocurrency products offered by DMM Bitcoin into its platform. However, this integration will not include cryptocurrency trading pairs or leveraged transactions. Users can obtain detailed information about the transfer through SBI VC Trade's official channels.
Objective of the SBI Holdings and DMM Bitcoin Collaboration
The collaboration aims to ensure users can trade securely. SBI Holdings intends to smoothly complete the account and asset transfer process for DMM Bitcoin users. This step is seen as an important development in the cryptocurrency market, aiming to address damage caused by the cyber attack.
The SBI Holdings and DMM Bitcoin joint project is a significant event in the cryptocurrency sector, aiming to restore user trust and improve asset protection.
