Bitcoin

DeFi

Planet

<div class="intro-text">
 SBI VC Trade, the cryptocurrency exchange division of Japan’s SBI Holdings, has <a style="color: #0000ff;" href="https://www.sbivc.co.jp/newsview/1zkj8mf5x3y" rel="noopener noreferrer nofollow">agreed</a> to acquire all customer accounts and assets from DMM Bitcoin, a cryptocurrency trading platform based in Tokyo.
</div>
The agreement, announced in a statement by SBI VC Trade on Monday, outlines plans to transfer all customer assets, including Japanese yen and cryptocurrencies, by March 2025. Additionally, SBI VC Trade plans to expand its services to include 14 cryptocurrency spot trading pairs currently offered by DMM Bitcoin, ensuring a smooth transition for affected customers. This decision comes as DMM Bitcoin prepares to cease operations following a significant security breach earlier this year.
The companies are still finalizing the transfer details, including the specific date and method. Both firms emphasized promptly disclosing further updates as decisions are made. This transition aligns with SBI Group’s “customer-centric” approach, with the company pledging to provide seamless, client-oriented services.
DMM Bitcoin’s shutdown and asset transfer followed a<a style="color: #0000ff;" href="https://intel.arkm.com/explorer/tx/975ec405ac9dc9fa5ab8009d94d6a1fe31dff8a8127ea90d023104e52754e4d7" rel="noopener noreferrer nofollow"> security breach</a> in May, which resulted in the loss of 4,502.9 BTC, valued at approximately $306 million. It appeared to promise its clients that it would reimburse customers if necessary.
<blockquote>
 “Please rest assured that all of your bitcoin deposits will be fully guaranteed, as we will procure the equivalent amount of BTC that was leaked with support from our group companies,”
</blockquote>
<a style="color: #0000ff;" href="https://www.reuters.com/technology/dmm-bitcoin-says-bitcoin-worth-about-482-bln-yen-leaked-2024-05-31/#:~:text=TOKYO%2C%20May%2031%20(Reuters),called%20an%20%22unauthorised%20leak%22." rel="noopener noreferrer nofollow"> it said in its statement.</a>
The incident led to the exchange halting operations and facilitating a transfer to SBI VC Trade, a more established cryptocurrency platform. The DMM Bitcoin hack reflects a rising trend of attacks on centralized exchanges in 2024.
Recently, the UAE-based M2 exchange also<a style="color: #0000ff;" href="https://defi-planet.com/2024/11/m2-crypto-exchange-suffers-13m-hack-swiftly-restores-user-funds/" rel="noopener noreferrer nofollow"> fell victim</a> to a security breach, losing $13.7 million from its hot wallets. However, the exchange assured customers that all funds were restored and services resumed with enhanced security measures. M2 took full responsibility, reinforcing its commitment to customer protection.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community.</a>
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/12/dmm-bitcoin-to-shut-down-transfer-assets-to-sbi-group-after-300m-hack/" rel="noopener noreferrer nofollow">DMM Bitcoin to Shut Down, Transfer Assets to SBI Group after $300M Hack</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

DMM Bitcoin to Shut Down, Transfer Assets to SBI Group after $300M Hack

DeFi Planet

Other articles published on Dec 2, 2024

Super Micro’s (SMCI) Stock Surges Amid Leadership Overhaul After Clean Review

XYZVerse on Track to Jump From $0.000667 to $6, as SHIB and ADA Set Their Sights on $3!

Bitcoin Price Analysis: BTC Could Slump to $80K if This Support Level Breaks

Hedera (HBAR) Skyrockets 40% as Golden Cross Emerges: Details

Gary Gensler’s Departure and Its Impact on Crypto

$BIAO: The Biggest Meme in the East

Join our free newsletter for daily crypto updates!