Japanese Crypto Exchange DMM Bitcoin Shuts Down
Japanese cryptocurrency exchange DMM Bitcoin is preparing to shut down operations after suffering a loss of $320 million in Bitcoin through a private key hack in May. Despite its efforts, the company has been unable to recover from the hack.
According to a report by Nikkei Asia on December 2, DMM Bitcoin has decided to cease its operations and transfer customer assets to SBI VC Trade, an exchange operated by SBI Group, in March. In a statement released on December 2, the two companies have reached a basic agreement for SBI to take over all customer accounts and assets.
The statement also announced that all deposits, including those in Japanese yen and crypto assets, will be transferred to SBI VC Trade by March 2025. Additionally, SBI VC Trade will handle the transfer of all crypto assets held by users on DMM Bitcoin.
The hack, which took place on May 30 and was described by DMM Bitcoin as an “unauthorized leak,” resulted in the loss of over 4,500 Bitcoin from a single wallet. Despite assuring users that their deposits would be fully guaranteed, the company was forced to halt withdrawals, new account openings, and trading.
