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Renowned Japanese Cryptocurrency exchange DMM Bitcoin has officially announced that it will cease operations, marking an important shift in the country’s crypto landscape. According to the statement, all assets of DMM Bitcoin users will be transferred to SBI VC Trade Co., a subsidiary of SBI Holdings, Inc., in March 2025.
Asset Transfer to SBI VC Trade
SBI VC Trade Co. plans to take over management of 14 cryptocurrency spot trading pairs currently managed by DMM Bitcoin. Final discussions on the transaction are underway, with specific details, such as the exact date of the transfer and the method of carrying it out, expected in the coming months.
In a statement, both companies noted their commitment to ensuring a smooth transition for users. “The two companies will continue to work together to conclude this agreement and will announce any significant developments in due course,” they highlighted.
The hack that marked a before and after
This announcement comes shortly after DMM Bitcoin suffered a significant hack in May 2024, resulting in the loss of 4,502.9 bitcoins, equivalent to approximately $303 million at the time. This event was listed as one of the largest losses of a single entity in 2024, according to Immunefi.
Following the attack, DMM Bitcoin implemented temporary restrictions on withdrawals and purchase orders, while launching a $320 million (50 billion yen) fundraising plan to reimburse affected users. However, the extension of these measures led the company to opt for the transfer of operations and the transfer of assets to SBI VC Trade.
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