DMM Bitcoin has announced it will shut down before March 2025 following a hack earlier this year that stole 4,502.9 Bitcoin
$95,693.91
—worth about $305 million.
Meanwhile, all DMM Bitcoin’s customer accounts and assets are set to move over to SBI VC Trade.
SBI VC Trade is backed by SBI Holdings, one of Japan’s biggest financial groups, so the company is in a good spot to take on DMM Bitcoin’s customers and assets. This will likely help SBI VC Trade grow its presence in Japan’s competitive crypto space.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
What Are Flash Loans? TOP Ways to Make Passive Income Explained
The hack hit this Japanese cryptocurrency hard, forcing it to suspend key services like spot trading and withdrawals, which disrupted its ability to operate normally.
In a statement published on December 2, the company said more details about the transfer process, including timelines and instructions for users, will be shared once everything is finalized.
However, there is a catch: leveraged trading holders will need to close them before the transfer, as these will not be carried over to SBI VC Trade.
On the bright side, SBI VC Trade plans to support the 14 cryptocurrencies currently available on DMM Bitcoin, giving users continuity in their trading options.
The DMM Bitcoin hack is just one of many incidents highlighting security issues in crypto. Recently, a memecoin trading platform has fallen victim to a breach involving over 8,000 wallets and $30 million in Solana made headlines. How did DEXX survive the hack? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
