DMM Bitcoin Breach Sparks Shutdown of Japanese Crypto Exchange
Japanese crypto exchange DMM Bitcoin will cease operations after a massive $303 million hack earlier this year.
Assets and user accounts will transfer to SBI VC Trade Co. by March 2025, ensuring continuity for users. SBI plans to handle DMM’s 14 cryptocurrency trading items and will finalize the transfer details soon. Following the breach, DMM restricted withdrawals and new purchases, citing customer inconvenience as a key reason for its closure.
The attack, one of the largest in 2024, prompted DMM to raise $320 million to reimburse affected users.
Clever Robot News Desk 4th December 2024
