The well-known Japanese Cryptocurrency exchange DMM Bitcoin was attacked by hackers in May this year, with losses exceeding 300 million US dollars. Now, due to unbearable damage, it has decided to shut down and transfer all user assets to the Cryptocurrency subsidiary “SBI VC Trade” under the financial giant SBI Group.
According to the statement released by DMM Bitcoin on Monday, the exchange has reached a protocol with SBI, and it is expected to complete the transfer of user accounts and custodial assets by March 2025. However, the unclosed positions in Margin Trading are not within the scope of the transfer, and users must settle all relevant positions before the asset transfer is completed.
The decision to close DMM Bitcoin’s operation stems from the hacker attack in May this year. At that time, hackers stole 4,502.9 BTC (worth approximately $306 million at the time), causing a heavy blow to the exchange.
In order to save the situation, DMM Bitcoin launched multiple fundraising campaigns in June this year, raising a total of about 55 billion yen (approximately 365 million US dollars), including a loan of 5 billion yen (approximately 33.2 million US dollars) on June 3, a capital increase of 48 billion yen (approximately 318.6 million US dollars) on June 7, and a secondary loan of 2 billion yen (approximately 13.3 million US dollars) on June 10. However, these efforts ultimately failed to reverse the fate of DMM Bitcoin’s closure.
After the closure of DMM Bitcoin, SBI VC Trade will take over the existing 14 kinds of CryptocurrencySpot trading services of the exchange, and will launch them one after another before the asset transfer is completed. This move by the SBI Group is seen by the outside world as an important layout to further expand its influence in the Cryptocurrency market.
〈4,500 BTC stolen, DMM Bitcoin declares shutdown, assets transferred to SBI Group〉This article was first published in “Blocklike”.
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