SBI VC Trade Completes Acquisition of Hacked Crypto Exchange DMM Bitcoin Assets

CoinMarketCap12-27 06:24

SBI VC Trade, a crypto-focused subsidiary of Japan’s financial giant SBI Holdings, is set to inherit the accounts and assets of beleaguered crypto exchange DMM Bitcoin. The transfer will take place on...

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Both fiat and cryptocurrency held by former DMM users will be transferred to SBI, with the company inheriting reports of all transactions conducted on the fallen exchange.The Tokyo-based firm initially offered 24 virtual assets for trade on its platform, but its acquisition of DMM Bitcoin will add an extra 14 cryptocurrencies to its books, including Tron , The Sandbox , Algorand , and Maker .The post SBI VC Trade Completes Acquisition of Hacked Crypto Exchange ","collect":0,"end_time":0,"defaultTopTitle":"coinmarketcap.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4601":"加密货币现货ETF","FLR":"福陆","BK4585":"ETF&股票定投概念","VC":"伟世通","SBI":"Western Asset Intermediate Muni","BK4017":"黄金","BK4594":"比特币ETF概念","BK4588":"碎股","SAND":"沙尘暴黄金","LU1815336091.USD":"THREADNEEDLE (LUX) GLOBAL SMALLER COMPANIES \"AUP\" (USD) INC","BK4129":"建筑与工程","TRX":"TRX Gold","LU0757428866.USD":"THREADNEEDLE (LUX) GLOBAL SMALLER COMPANIES \"AE\" (USD) ACC","ETH":"Grayscale Ethereum Mini Trust","BK4124":"机动车零配件与设备"},"translate_title":"SBI VC Trade完成对被黑客攻击的加密货币交易所DMM比特币资产的收购","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ETH":1,"VC":1,"TRX":1,"SBI":1,"SAND":1,"FLR":1},"content_text":"SBI VC Trade, a crypto-focused subsidiary of Japan’s financial giant SBI Holdings, is set to inherit the accounts and assets of beleaguered crypto exchange DMM Bitcoin.\nThe transfer will take place on March 8, 2025, marking the culmination of DMM Bitcoin’s liquidation process after a devastating $305 million hack in May 2024.\nLiquidation and Transfer Process\nIn a December 25 notice, SBI VC indicated that customer accounts would be ready by the transfer date, and they would not have to register afresh but would instead be transitioned automatically by the company. Both fiat and cryptocurrency held by former DMM users will be transferred to SBI, with the company inheriting reports of all transactions conducted on the fallen exchange.\nThe Tokyo-based firm initially offered 24 virtual assets for trade on its platform, but its acquisition of DMM Bitcoin will add an extra 14 cryptocurrencies to its books, including Tron (TRX), The Sandbox (SAND), Algorand (ALGO), and Maker (MKR).\nAdditionally, as part of the deal, SBI will take over all leveraged trading pairs previously offered by DMM except those it already provides. The company also clarified that it would not transfer any open positions in leveraged trading.\nPer the notice, staking stocks will be automatically triggered, with customers that held Ethereum (ETH), Avalanche (AVAX), Oasys (OAS), Flare (FLR), and Hedera (HBAR) on DMM eligible for staking on SBI. They are expected to receive their first staking reward in April 2025 if they continue holding the assets.\nHacking Fallout\nDMM Bitcoin announced its decision to stop operations after months of recovery efforts from a multi-million dollar attack at the end of May failed. The platform lost more than 4,500 BTC, valued at around $305 million, in what is Japan’s second-largest crypto breach after another exchange, Coincheck, lost $523 million worth of NEM tokens in a 2018 incident.\nThe DMM hack is suspected to have been carried out by threat actors linked to the Democratic People’s Republic of Korea (DPRK), known as TradeTraitor. In July, investigators revealed that over $35 million stolen from the exchange had been laundered via the infamous Cambodian online marketplace Huione Guarantee.\nAt the time, pseudonymous on-chain detective ZachXBT likened the laundering techniques to those used by another DPRK-linked outfit, the notorious Lazarus Group.\nSoon after it was exploited, DMM immediately pledged to make affected customers whole. However, even after borrowing 50 million yen to reimburse users, the damage to its operations proved too great, leading to the decision to transfer all assets to SBI VC Trade.\nThe firm confirmed the acquisition in a December 2 announcement, insisting that it would work to ensure a smooth transition for clients.\nThe post SBI VC Trade Completes Acquisition of Hacked Crypto Exchange DMM Bitcoin Assets appeared first on CryptoPotato.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2494816430"}