Japanese cryptocurrency exchange DMM Bitcoin announced its closure following a massive security breach in May 2024 that resulted in the theft of 4,502.9 BTC, worth approximately $306 million at that time. The company confirmed that its customer accounts and custodial assets will be transferred to SBI VC Trade, the crypto arm of financial conglomerate SBI Group, by March 2025.
SBI VC Trade Co., Ltd., a subsidiary of SBI Holdings, has announced a basic agreement to acquire all customer accounts and assets from DMM Bitcoin Co., Ltd. as part of its cryptocurrency trading business expansion. The transfer, scheduled for completion around March 2025, includes all Japanese yen and crypto assets held in existing accounts on DMM Bitcoin’s platform.
In addition to the transfer, SBI VC Trade plans to expand its offerings by integrating the 14 cryptocurrency spot trading options currently available on DMM Bitcoin but not yet offered by SBI VC Trade. Both companies will continue discussions to finalize the agreement, including the specific transfer date and process. Further updates will be provided as details are confirmed.
DMM Bitcoin revealed that all leveraged trading positions must be settled before the transfer, while SBI VC Trade plans to integrate 14 cryptocurrencies currently traded on DMM Bitcoin into its own platform.
The hack prompted DMM Bitcoin to procure nearly $320 million through various funding initiatives in June to stabilize operations. Despite these efforts, the prolonged service restrictions on withdrawals and asset trading left the company acknowledging that continuing operations would harm customers.
Suspicion surrounding the hack points to North Korea’s Lazarus Group, with stolen funds allegedly laundered through Huione Guarantee, a Cambodian payment company tied to illicit money flows.
SBI VC Trade emphasized its commitment to a customer-centric approach, a core principle of its parent company, SBI Group, ensuring smooth service continuity during and after the transition.
The company reiterated the risks associated with cryptocurrency trading, such as price volatility, potential loss of private keys, and regulatory differences from traditional fiat currencies. Customers are advised to trade with caution and fully understand the associated risks by reviewing pre-contract documents and terms of service.
