Join WhatsApp Channel
Join Telegram ChannelJapanese cryptocurrency exchange DMM Bitcoin has announced it will cease operations in March next year, transferring user accounts and assets to the trading platform SBI VC Trading.
This decision comes several months after a devastating hack in May, in which more than 4,502.9 Bitcoins, worth about $305 million, were stolen.
DMM Bitcoin Exchange Shuts Down
Since the breach, DMM Bitcoin has had limited services, including withdrawals and accepting new purchase orders for the cryptocurrency. In a recent statement, the exchange acknowledged the adverse impact on its customers, stating:
“We sincerely apologize for any inconvenience caused during this period.”
Although the identity of the hackers is still unknown, some reports suggest that they are the ones who are famous Lazarus GroupNorth Korean hacker collective, as the perpetrator. Stolen funds were reportedly distributed Huione Guaranteea payment services company suspected of being involved in laundering billions of dollars in illicit funds.
Transition to SBI VC Trading
To ensure continuity for users, DMM Bitcoin will transfer all accounts and ownership into it SBI VC Trading. Prior to the migration, SBI VC Trade will manage spot trading for 14 cryptocurrencies previously handled by DMM Bitcoin. This move is intended to minimize disruption for users and restore confidence in the security of their assets.
Industry Concerns
This breach highlights persistent security challenges in the cryptocurrency industry. As cyber attacks become more sophisticated, exchanges face increasing pressure to increase protective measures and ensure user funds are protected.
As the transition progresses, users are advised to monitor updates and ensure their accounts are ready to move to SBI VC Trade.