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DMM Bitcoin to Shut Down After 48.2 Billion Yen Hack, Transfers Assets to SBI Subsidiary

Dec 2, 2024, 01:31 AM

Japanese cryptocurrency exchange DMM Bitcoin has announced its closure following a significant hack in May 2024, which resulted in the loss of 48.2 billion yen worth of bitcoins. The company has decided to shut down operations and transfer its customer accounts and assets to SBIVC Trade, a subsidiary of the SBI Group. The hack led to prolonged service restrictions for customers, including the inability to purchase new cryptocurrencies for over six months. The asset transfer agreement with SBIVC Trade marks the end of DMM Bitcoin's operations in the cryptocurrency market. SBI's stock price has risen following the announcement of the asset transfer.