A prominent Japanese crypto para having a stock exchange DMM Bitcoinwill cease operations following a devastating security breach in May that resulted in losses of over $300 million.
Japanese Stock Exchange DMM Closed After Bitcoin $300 Million Hack, Assets Transferred to SBI Unit
The exchange announced today that it has reached an agreement with SBI VC Trade, the crypto arm of financial conglomerate SBI Group, to transfer customer accounts and custody assets by March 2025.
However, leveraged trading positions will not be included in the transfer and will need to be closed by users in advance.
SBI VC Trade plans to integrate 14 cryptocurrencies currently held on DMM Bitcoin into its platform before the asset transfer is completed.
Details of Hack and Financial Recovery Efforts
The security breach in May led to the theft of 4,502.9 BTC, worth approximately $306 million at the time.
In response, DMM Bitcoin secured approximately ¥55 billion ($365.1 million) through funding initiatives in June.
These funds include ¥5 billion ($33.2 million) through borrowing on June 3, ¥48 billion ($318.6 million) via capital increase on June 7, and an additional ¥2 billion via subordinated debt on June 10. ($13.3 million).
Despite these efforts to stabilize its operations, DMM Bitcoin ultimately decided to terminate its operations.
*This is not investment advice.
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Source: https://www.bitcoinsistemi.com/mayis-ayinda-hacklenen-japon-kripto-para-borsasi-faaliyetlerini-tamamen-durduruyor-iste-detaylar/
