As a seasoned crypto investor who has weathered numerous market upheavals and exchange mishaps, I must admit that the DMM Bitcoin closure came as no surprise. The hacking incident in May 2024 was simply another reminder of the risks inherent in this dynamic industry.
DMM Bitcoin, a Japanese cryptocurrency exchange, announced it would shut down after suffering a significant security breach in May 2024, leading to the loss of about 4,502.9 Bitcoins worth around $306 million at that time. By March 2025, the company will move its customer accounts and safekeeping assets over to SBI VC Trade, a subsidiary specializing in cryptocurrency within the financial group SBI.
SBI VC Trade Company Limited, an affiliate of SBI Holdings, has revealed plans to purchase all customer accounts and associated assets from DMM Bitcoin Company Limited, as part of their strategy to expand their cryptocurrency trading business. This transaction, expected to be finalized around March 2025, encompasses the transfer of both Japanese yen and crypto assets stored in existing DMM Bitcoin users’ accounts.
Besides the planned transfer, SBI VC Trade intends to broaden its services by incorporating the 14 cryptocurrency spot trading options currently not available on DMM Bitcoin but offered by SBI VC Trade. The two companies will carry on negotiations to solidify the agreement, covering details such as the exact transfer date and procedure. Further announcements will follow once these details are finalized.
As a crypto investor, I’ve learned that when shifting positions in leveraged trading with DMM Bitcoin, it’s essential to ensure all such trades are settled before transferring funds. On the other hand, SBI VC Trade, where I also invest, is planning to incorporate the 14 cryptocurrencies currently traded on DMM Bitcoin into their own platform for a more seamless trading experience.
Due to a hack, DMM Bitcoin had to secure approximately $320 million via different financing methods in June to ensure business continuity. However, extended limitations on withdrawal and trading activities caused frustration among users, leading the company to admit that persisting with operations could potentially negatively impact customers.
The suspicion that the hack was carried out by North Korea’s Lazarus Group is mounting, as it’s believed that the ill-gotten gains were washed through Huione Guarantee – a Cambodian payment firm known for its ties to shady financial transactions.
SBI Venture Capital Trade underscored their dedication to putting customers first, a fundamental value shared by their parent organization, SBI Group, striving for seamless service throughout and beyond the transition period.
The business emphasized once more the dangers involved in crypto trading, like extreme price fluctuations, the possibility of losing access keys for your digital assets, and the varying regulations compared to traditional money. It’s recommended that users exercise care when trading and thoroughly examine the risks outlined in contractual documents and service agreements before proceeding.
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2024-12-02 15:17