SBI VC Trade has closed a deal to acquire the assets of the hacked cryptocurrency exchange DMM Bitcoin. DMM's customers will receive new accounts in March.
Asset Acquisition
On December 25, SBI VC Trade announced finalizing an agreement with DMM Bitcoin to receive all customer accounts and assets, scheduled to transfer on March 8, 2025. DMM customers won't need to open new accounts as they will be created automatically.
Details of the Hack
In May, DMM's servers were breached, leading to the theft of keys to wallets holding 4,500 bitcoins. Attackers rapidly moved the funds. DMM stated it will cover the stolen funds to reimburse its customers.
Involvement of North Korean Group
On December 23, the FBI and other agencies identified the North Korea-linked group TraderTraitor behind the breach. Disguising as a recruiter, they contacted a Ginco employee and took advantage of his error to execute a multi-stage heist.
The incident highlights the substantial losses centralized crypto platforms like DMM Bitcoin can face, emphasizing the need for enhanced security measures.
