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DMM Bitcoin to Shut Down After May Hack of 4,502.9 BTC; Assets Transferred to SBI's SBIVC Trade

Dec 2, 2024, 02:58 AM

Japanese cryptocurrency exchange DMM Bitcoin has announced it will shut down operations following a significant hack in May 2024, in which approximately 4,502.9 bitcoins, valued at around 48.2 billion yen ($320 million), were stolen. Despite raising 55 billion yen ($365 million) mid-year to stay afloat, the company has been unable to fully recover from the incident. DMM Bitcoin will transfer its customer accounts and assets to SBIVC Trade, a subsidiary of the SBI Group, by March 2025. Leverage positions will not be part of the transfer and require settlement first. Since the hack, services have been restricted, with customers unable to purchase new cryptocurrencies for over six months. DMM Bitcoin plans to return to its original businesses, focusing on games and digital media.