- Following the completion of the asset transfer to SBI VC Trade, the Japanese cryptocurrency exchange declared its intention to shut down.
- In May, DMM Bitcoin was hacked, causing losses of about $300 million.
The May attack that caused losses of over $300 million has led to the closure of the Japanese cryptocurrency exchange DMM Bitcoin.
The exchange’s assets will be purchased by SBI VC Trade, the cryptocurrency division of the Japanese financial giant SBI Group, the company announced on Monday.
DMM Bitcoin said on Monday that it has achieved a deal with SBI to transfer user accounts and custodial assets to the latter by approximately March 2025, according to an English translation of a Japanese announcement. According to the exchange, open positions in leveraged trading are not included in the transfer and need to be settled prior to the transfer.
The impending termination of DMM Bitcoin follows a security incident that occurred on the exchange in May. Approximately $306 million at the time, or 4,502.9 BTC, had been stolen.
The business reported that, through a variety of funding programs, it had acquired almost 55 billion yen ($365.1 million) in June. On June 3, it borrowed 5 billion yen ($33.2 million), then on June 7, it increased its capital by 48 billion yen ($318.6 million). On June 10, DMM Bitcoin acquired an extra 2 billion yen ($13.3 million) through subordinated borrowing, marking the completion of the last tranche.
Prior to completing the transfer of custodial assets, SBI VC Trade said on Monday that it would start managing spot trading for 14 cryptocurrencies that are now traded on DMM Bitcoin.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
