DMM Bitcoin Liquidates After $318M Hack, Assets Transferred to SBI Subsidiary by March

Dec 2, 2024, 02:00 AM

DMM Bitcoin, a Japanese cryptocurrency exchange, has announced its decision to liquidate following a significant security breach in late May, where hackers stole bitcoins worth 48.2 billion yen ($318 million). The company has decided to cease operations and will transfer customer accounts and assets to SBIVC Trade, a subsidiary of the SBI Group, by March next year. This move comes after months of service restrictions, preventing customers from purchasing new cryptocurrencies. The unauthorized breach has led DMM Bitcoin to abandon its plans to restructure and instead opt for liquidation, with the transfer of assets aimed at ensuring customer protection.