Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Japanese exchange DMM Bitcoin to shut down, transfer assets to SBI Group unit after $300 million hack

Japanese exchange DMM Bitcoin to shut down, transfer assets to SBI Group unit after $300 million hack

The BlockThe Block2024/11/30 16:00
By:The Block

Quick Take The Japanese crypto exchange announced plans to cease operations after completing the asset transfer to SBI VC Trade. DMM Bitcoin suffered a hack in May, resulting in losses exceeding $300 million.

Japanese exchange DMM Bitcoin to shut down, transfer assets to SBI Group unit after $300 million hack image 0

Japanese cryptocurrency exchange DMM Bitcoin will cease operations following a hack in May that resulted in losses exceeding $300 million

SBI VC Trade, the crypto arm of Japanese financial conglomerate SBI Group, will acquire the exchange's assets, according to its Monday statement .

According to an English translation of a Japanese statement released on Monday, DMM Bitcoin said that it had reached an agreement with SBI to transfer customer accounts and custodial assets to the latter by around March 2025. The exchange also noted that open positions in leveraged trading are excluded from the transfer, and all such positions must be settled before the transfer.

DMM Bitcoin's upcoming shutdown comes after the exchange suffered a security breach in May. The exchange said that 4,502.9 BTC, or about $306 million at the time, had been stolen

The company noted that it had procured about 55 billion yen ($365.1 million) in June through a combination of funding initiatives. It secured 5 billion yen ($33.2 million) through borrowing on June 3 and 48 billion yen ($318.6 million) via a capital increase on June 7. The final tranche came on June 10, when DMM Bitcoin obtained an additional 2 billion yen ($13.3 million) through subordinated borrowing.

DMM Bitcoin plans to cease operations following the completion of the asset transfer, according to the statement.

SBI VC Trade announced on Monday that it plans to begin handling spot trading for 14 cryptocurrencies currently traded on DMM Bitcoin before finalizing the transfer of custodial assets.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

New spot margin trading pair — ES/USDT!

Bitget Announcement2025/07/24 05:56

SLPUSDT now launched for futures trading and trading bots

Bitget Announcement2025/07/23 11:57