SBI VC Trade Rescues DMM Bitcoin Customers Post-Hack

Crypto News Exploits

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 27, 2024

Key Takeaways

SBI VC Trade will automatically migrate DMM Bitcoin customer accounts and assets after the exchange's hack;
A North Korean-linked group stole over $300 million from DMM Bitcoin using a fake LinkedIn recruitment scheme;
Investigations revealed attackers exploited a malicious file uploaded to GitHub to breach DMM Bitcoin’s systems.

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SBI VC Trade Rescues DMM Bitcoin Customers Post-Hack

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SBI VC Trade, a Japanese financial firm specializing in cryptocurrency services, has officially secured the rights to acquire assets from the DMM Bitcoin.

This decision follows the company’s struggles to recover from a major security breach that left it unable to continue operations.

SBI VC Trade confirmed in a December 25 announcement that all accounts and assets from DMM Bitcoin will be automatically migrated. Customers will not need to open new accounts, as SBI will create them on their behalf.

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The hack, which occurred on May 30, has been attributed to a North Korean-linked group called TraderTraitor.

Investigations by the FBI, Japan’s National Police Agency, and the US Department of Defense Cyber Crime Center (DC3) revealed that the attackers gained access using a sophisticated method.

They posed as recruiters on LinkedIn and targeted an employee at Ginco, a company managing DMM’s wallet systems. The attackers sent the employee a malicious file disguised as a skills test, which was uploaded to GitHub and later exploited to gain access to DMM Bitcoin's servers.

DMM Bitcoin assured its users that their balances would be restored after the breach. The decision to partner with SBI VC Trade ensures that customers’ funds and accounts are protected.

Recently, DMM Bitcoin announced that the company will shut down before March 2025. How much loss has DMM Bitcoin suffered? Read the full story.