The Japanese cryptocurrency exchange DMM Bitcoin, which suffered from a hack at the end of May 2024, announced about termination of activity.
The statement said that the cryptocurrency division of the Japanese financial conglomerate SBI Group – SBI VC Trade – will acquire the assets of the exchange.
It is known that DMM Bitcoin has reached an agreement with SBI to transfer customer accounts and custodial assets until approximately March 2025. Once this happens, the exchange plans to officially cease operations.
The document also states that open positions with leverage must be closed before the date specified above.
On May 31, 2024, DMM Bitcoin reported illegal access to the company’s accounts where the first cryptocurrency was stored. It subsequently became known that the hackers withdrew 4502.9 BTC (about $303 million at that time)
The exchange team subsequently stated that it was seeking to raise funds and compensate users for losses by purchasing an equivalent amount of bitcoins from its DMM.com group of companies.
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Source: Cryptocurrency
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