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Japanese cryptocurrency exchange DMM Bitcoin is preparing for liquidation after it lost $320 million in Bitcoin in a private key hack in May, from which the company has failed to recover.
Nikkei Asia first reported on December 2 had reported That the crypto exchange is pausing efforts to improve its operations and intends to transfer clients’ assets to SBI VC Trade, an exchange operator under the SBI Group, around March.
Released on 2nd December According to a statement, a basic agreement has been signed between the two companies under which SBI will accept the transfer of all accounts and deposit assets.
“Under this agreement, customer deposited assets (in Japanese Yen and crypto assets) in accounts opened on DMM Bitcoin will be transferred to us by March 2025,” it reads. It added that the SBI VC Trade DMM will also handle the transfer of crypto stocks held on Bitcoin.
$320 million stolen in hacking in May
DMM Bitcoin hit in server breach and private key hack on May 30 The compromise was made in what the company referred to as an “unauthorized leak,” resulting in the loss of more than 4,500 Bitcoins.btc
$95,341From the same wallet.
At the time, the company said all user deposits would be “fully guaranteed” as it halted withdrawals, new account openings and trading.
DMM Exchange also told customers it would “purchase the equivalent amount of BTC” to ensure all users are compensated, with the funds being received “with the support of our group companies.”
$530 million in 2018 coincheck hack The loss of DMM was the second largest loss in the region after.
In July, blockchain spy ZachXBT told That approximately $35 million of the stolen crypto was transferred to online marketplaces and crypto scam Center Huione Guarantee Was sent in.
“It is suspected that Lazarus Group is behind this hack due to similarities in laundering techniques and offchain indicators,” he said at the time.
DMM Exchange was launched in January 2018 and is owned by Japanese e-commerce conglomerate DMM Group.
In November, DMM Crypto announced that it would launch its Seamoon protocol. closing down Is . Seamoon Portal was a Web3 gaming and content site that featured games and anime produced by the exchange’s parent company, DMM.com.
DMM was working with stablecoin platform Progmat to issue its own stablecoin to enhance the crypto ecosystem. However, the firm cited “recent rapid changes in the business environment” that have created challenges to the sustainability of the project, according to a translation of a statement at the time.
The incidence of centralized exchange hacks will be very high in 2024. indian in july WazirX exchange hacked suffered a loss of $235 million, while in September Singapore’s Binance exchange hack it suffered a loss of $52 million, and Türkiye’s BTCturk in June hot wallet The misuse resulted in losses of up to $55 million.