DMM Bitcoin to Shut Down and Transfer Accounts to SBI VC Trade Following $305 Million Hack

DMM Bitcoin, a Japanese cryptocurrency exchange, recently announced some big news. They’re shutting down and transferring all accounts and assets to SBI VC Trade in March next year.

This decision comes after a serious security breach back in May. Hackers stole over 4,500 bitcoin, worth nearly $305 million at that time. That’s a huge loss.

Since the hack, DMM Bitcoin has had to limit its services. They restricted withdrawals and stopped accepting purchase orders for spot crypto assets. They realized that letting this situation drag on would hurt their customers. They sincerely apologized for the inconvenience.

As for who’s behind the theft, it’s still unclear. Some people are pointing fingers at the Lazarus Group, a notorious cybercriminal organization linked to North Korea. It’s also been reported that the stolen money might have gone through a Cambodian payment service called Huione Guarantee, which has been involved in laundering billions in illicit funds.

SBI VC Trade has stated that they will start managing 14 cryptocurrency spot trading options that DMM Bitcoin currently offers. This transition will happen before the asset transfer takes place.