$300 Million Hack Forces DMM Bitcoin Shutdown

Crypto News Exploits

$300 Million Hack Forces DMM Bitcoin Shutdown—SBI VC Trade Takes Over

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 03, 2024

Key Takeaways

DMM Bitcoin to shut down by March 2025 after a $305M hack, transferring users and assets to SBI VC Trade;
Customers must close leveraged trades before migrating; SBI VC Trade will adopt all 14 cryptocurrencies from DMM Bitcoin;
SBI VC Trade, backed by SBI Holdings, strengthens its position in Japan’s crypto market with this strategic acquisition.

Stop overpaying - start transferring money with Ogvio. Sign up, invite friends & grab Rewards now! 🎁

$300 Million Hack Forces DMM Bitcoin Shutdown—SBI VC Trade Takes Over

BITDEGREE IN YOUR SOCIAL FEED

DMM Bitcoin has announced it will shut down before March 2025 following a hack earlier this year that stole 4,502.9 Bitcoin BTC $87,335.99 —worth about $305 million.

Meanwhile, all DMM Bitcoin's customer accounts and assets are set to move over to SBI VC Trade.

SBI VC Trade is backed by SBI Holdings, one of Japan's biggest financial groups, so the company is in a good spot to take on DMM Bitcoin’s customers and assets. This will likely help SBI VC Trade grow its presence in Japan’s competitive crypto space.

ICO vs IDO vs IEO: Which One's the Best? (Easily Explained)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

The hack hit this Japanese cryptocurrency hard, forcing it to suspend key services like spot trading and withdrawals, which disrupted its ability to operate normally.

In a statement published on December 2, the company said more details about the transfer process, including timelines and instructions for users, will be shared once everything is finalized.

However, there is a catch: leveraged trading holders will need to close them before the transfer, as these will not be carried over to SBI VC Trade.

On the bright side, SBI VC Trade plans to support the 14 cryptocurrencies currently available on DMM Bitcoin, giving users continuity in their trading options.

The DMM Bitcoin hack is just one of many incidents highlighting security issues in crypto. Recently, a memecoin trading platform has fallen victim to a breach involving over 8,000 wallets and $30 million in Solana made headlines. How did DEXX survive the hack? Read the full story.